Royal Bank of Canada (NYSE:RY) Shares Bought by Korea Investment CORP

Korea Investment CORP grew its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 12.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,271,209 shares of the financial services provider’s stock after buying an additional 142,033 shares during the quarter. Korea Investment CORP’s holdings in Royal Bank of Canada were worth $121,611,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Syverson Strege & Co acquired a new position in shares of Royal Bank of Canada during the 1st quarter worth about $28,000. Optiver Holding B.V. purchased a new stake in Royal Bank of Canada during the second quarter worth approximately $29,000. Money Concepts Capital Corp acquired a new position in Royal Bank of Canada in the fourth quarter valued at approximately $38,000. AdvisorNet Financial Inc raised its holdings in Royal Bank of Canada by 40.1% during the second quarter. AdvisorNet Financial Inc now owns 507 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 145 shares in the last quarter. Finally, WASHINGTON TRUST Co acquired a new position in shares of Royal Bank of Canada in the 2nd quarter valued at $55,000. Institutional investors and hedge funds own 42.02% of the company’s stock.

Wall Street Analyst Weigh In

RY has been the topic of several research analyst reports. Credit Suisse Group lifted their price target on shares of Royal Bank of Canada from $138.00 to $139.00 and gave the stock an “outperform” rating in a research note on Friday, August 25th. StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Tuesday, November 14th. Finally, Barclays upped their price target on shares of Royal Bank of Canada from $122.00 to $124.00 and gave the company an “underweight” rating in a research report on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $138.60.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock traded up $0.31 during trading hours on Tuesday, reaching $88.14. 245,796 shares of the stock were exchanged, compared to its average volume of 946,807. Royal Bank of Canada has a 52-week low of $77.90 and a 52-week high of $104.72. The stock has a market cap of $123.60 billion, a P/E ratio of 11.39, a P/E/G ratio of 1.68 and a beta of 0.84. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.90 and a current ratio of 0.90. The firm’s 50 day moving average is $85.26 and its 200 day moving average is $90.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Thursday, August 24th. The financial services provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.99 by $0.14. The firm had revenue of $10.86 billion during the quarter, compared to analysts’ expectations of $9.54 billion. Royal Bank of Canada had a net margin of 13.51% and a return on equity of 15.43%. Analysts predict that Royal Bank of Canada will post 8.26 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Shareholders of record on Thursday, October 26th will be issued a $1.019 dividend. The ex-dividend date is Wednesday, October 25th. This represents a $4.08 dividend on an annualized basis and a yield of 4.62%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.00. Royal Bank of Canada’s dividend payout ratio (DPR) is 51.49%.

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 checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.