Man Group plc Acquires 71,600 Shares of Royal Bank of Canada (RY)

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Man Group plc boosted its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 26.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 339,440 shares of the financial services provider’s stock after purchasing an additional 71,600 shares during the period. Man Group plc’s holdings in Royal Bank of Canada were worth $27,190,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Oppenheimer & Co. Inc. raised its position in Royal Bank of Canada by 2.0% during the second quarter. Oppenheimer & Co. Inc. now owns 40,432 shares of the financial services provider’s stock valued at $3,044,000 after acquiring an additional 777 shares in the last quarter. Gradient Investments LLC raised its position in shares of Royal Bank of Canada by 2.6% in the third quarter. Gradient Investments LLC now owns 30,875 shares of the financial services provider’s stock valued at $2,476,000 after purchasing an additional 796 shares during the period. Chemical Bank raised its position in shares of Royal Bank of Canada by 17.0% in the second quarter. Chemical Bank now owns 5,543 shares of the financial services provider’s stock valued at $417,000 after purchasing an additional 805 shares during the period. Raymond James Trust N.A. raised its position in shares of Royal Bank of Canada by 12.1% in the third quarter. Raymond James Trust N.A. now owns 7,950 shares of the financial services provider’s stock valued at $638,000 after purchasing an additional 859 shares during the period. Finally, Hillsdale Investment Management Inc. raised its position in shares of Royal Bank of Canada by 0.3% in the third quarter. Hillsdale Investment Management Inc. now owns 328,665 shares of the financial services provider’s stock valued at $26,351,000 after purchasing an additional 900 shares during the period. 41.17% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have recently commented on RY. ValuEngine raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Scotia Howard Weill raised shares of Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, September 10th. Howard Weil raised shares of Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, September 10th. Scotiabank raised shares of Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report on Monday, September 10th. Finally, Argus dropped their price target on shares of Royal Bank of Canada to $89.00 and set a “positive” rating on the stock in a research report on Thursday, November 29th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $96.00.

Shares of RY stock opened at $70.47 on Friday. Royal Bank of Canada has a 1 year low of $69.75 and a 1 year high of $87.10. The firm has a market cap of $101.55 billion, a P/E ratio of 10.79, a P/E/G ratio of 1.43 and a beta of 1.15. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.91 and a current ratio of 0.91.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, November 28th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.10. Royal Bank of Canada had a net margin of 21.60% and a return on equity of 18.09%. The business had revenue of $10.67 billion for the quarter, compared to analyst estimates of $11.14 billion. During the same quarter in the previous year, the firm posted $1.88 earnings per share. Royal Bank of Canada’s revenue was up 1.4% compared to the same quarter last year. Analysts predict that Royal Bank of Canada will post 6.78 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 22nd. Investors of record on Thursday, January 24th will be given a dividend of $0.745 per share. This represents a $2.98 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date of this dividend is Wednesday, January 23rd. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 46.55%.

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Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.

Read More: Hedge Funds – How They Work For Investors

Want to see what other hedge funds are holding RY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Royal Bank of Canada (NYSE:RY) (TSE:RY).

Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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