Royal Bank of Canada (NYSE:RY) Stock Position Lessened by Mackenzie Financial Corp

Mackenzie Financial Corp cut its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.9% during the second quarter, HoldingsChannel.com reports. The fund owned 29,603,107 shares of the financial services provider’s stock after selling 282,359 shares during the quarter. Royal Bank of Canada makes up 4.2% of Mackenzie Financial Corp’s holdings, making the stock its largest position. Mackenzie Financial Corp’s holdings in Royal Bank of Canada were worth $2,996,336,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in RY. Envestnet Asset Management Inc. grew its position in Royal Bank of Canada by 41.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 151,246 shares of the financial services provider’s stock valued at $13,946,000 after buying an additional 44,343 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in Royal Bank of Canada by 42.3% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 2,753 shares of the financial services provider’s stock valued at $254,000 after acquiring an additional 819 shares during the period. Koshinski Asset Management Inc. acquired a new stake in Royal Bank of Canada in the first quarter valued at $205,000. Prospera Financial Services Inc lifted its holdings in Royal Bank of Canada by 18.7% in the first quarter. Prospera Financial Services Inc now owns 8,029 shares of the financial services provider’s stock valued at $740,000 after acquiring an additional 1,263 shares during the period. Finally, Blueshift Asset Management LLC lifted its holdings in Royal Bank of Canada by 28.2% in the first quarter. Blueshift Asset Management LLC now owns 8,052 shares of the financial services provider’s stock valued at $742,000 after acquiring an additional 1,773 shares during the period. Institutional investors and hedge funds own 40.73% of the company’s stock.

A number of equities research analysts have commented on the company. Desjardins raised their target price on Royal Bank of Canada from C$138.00 to C$141.00 and gave the company a “buy” rating in a report on Friday, August 27th. Credit Suisse Group lifted their price objective on Royal Bank of Canada from C$135.00 to C$140.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. Barclays lifted their price objective on Royal Bank of Canada from $137.00 to $142.00 and gave the stock an “overweight” rating in a research report on Friday, August 13th. Canaccord Genuity lifted their price objective on Royal Bank of Canada from C$140.00 to C$143.00 and gave the stock a “buy” rating in a research report on Thursday, August 26th. Finally, Fundamental Research lifted their price objective on Royal Bank of Canada from $127.27 to $143.76 and gave the stock a “buy” rating in a research report on Wednesday, September 1st. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $133.98.

Shares of NYSE:RY opened at $98.29 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. Royal Bank of Canada has a 1 year low of $67.78 and a 1 year high of $106.40. The stock has a market capitalization of $140.06 billion, a P/E ratio of 11.74, a PEG ratio of 1.06 and a beta of 0.98. The stock has a 50-day simple moving average of $102.32 and a 200-day simple moving average of $99.46.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Tuesday, August 24th. The financial services provider reported $3.00 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.16 by $0.84. Royal Bank of Canada had a return on equity of 18.54% and a net margin of 27.06%. The business had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $11.86 billion. During the same quarter in the previous year, the business earned $2.20 EPS. Analysts predict that Royal Bank of Canada will post 8.86 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 24th. Investors of record on Tuesday, October 26th will be given a dividend of $0.858 per share. This represents a $3.43 annualized dividend and a yield of 3.49%. The ex-dividend date is Monday, October 25th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 58.68%.

About Royal Bank of Canada

Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.

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

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