Royal Bank Of Canada $RY Stock Sold by QV Investors Inc.

QV Investors Inc. cut its position in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 13.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 283,499 shares of the financial services provider’s stock after selling 43,050 shares during the quarter. Royal Bank Of Canada accounts for 4.1% of QV Investors Inc.’s portfolio, making the stock its 5th largest position. QV Investors Inc.’s holdings in Royal Bank Of Canada were worth $55,899,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bank of Nova Scotia purchased a new stake in Royal Bank Of Canada during the 2nd quarter worth $2,549,157,000. The Manufacturers Life Insurance Company boosted its position in Royal Bank Of Canada by 2.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 12,130,512 shares of the financial services provider’s stock valued at $1,959,185,000 after buying an additional 250,859 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in Royal Bank Of Canada in the 2nd quarter valued at about $2,275,797,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Royal Bank Of Canada during the second quarter valued at about $2,260,820,000. Finally, Legal & General Group Plc acquired a new stake in shares of Royal Bank Of Canada during the second quarter valued at about $1,645,758,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank Of Canada Trading Up 1.5%

RY opened at $199.22 on Wednesday. Royal Bank Of Canada has a 12-month low of $143.38 and a 12-month high of $218.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $275.71 billion, a PE ratio of 16.91, a P/E/G ratio of 1.76 and a beta of 0.80. The firm’s fifty day moving average price is $203.03 and its 200 day moving average price is $197.14.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Thursday, August 27th. The financial services provider reported $3.07 earnings per share for the quarter, topping the consensus estimate of $2.89 by $0.18. The company had revenue of $13.22 billion during the quarter, compared to analyst estimates of $12.98 billion. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. As a group, research analysts expect that Royal Bank Of Canada will post 11.83 EPS for the current fiscal year.

Royal Bank Of Canada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Monday, October 26th will be paid a C$1.76 dividend. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Monday, October 26th. Royal Bank Of Canada’s dividend payout ratio is 43.39%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a report on Wednesday, August 19th. Barclays reissued an “overweight” rating on shares of Royal Bank Of Canada in a report on Friday, August 21st. Weiss Ratings upgraded Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, July 29th. Finally, Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a report on Friday, August 28th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $225.00.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it operates under the RBC brand and provides banking, wealth management, capital markets, insurance and investor services to individuals, businesses, institutions and governments.

RBC’s personal and commercial banking operations offer deposit accounts, lending, mortgages, credit cards, payment services and financial advice. Its wealth management business provides investment management, private banking, trust, brokerage and advisory services, while RBC Capital Markets delivers investment banking, sales and trading, research and corporate finance services.