Intech Investment Management LLC Purchases New Holdings in Royal Bank of Canada (NYSE:RY)

Intech Investment Management LLC purchased a new stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in the first quarter, according to its most recent filing with the SEC. The firm purchased 65,570 shares of the financial services provider’s stock, valued at approximately $6,619,000.

Other hedge funds have also recently bought and sold shares of the company. Avantax Advisory Services Inc. boosted its stake in Royal Bank of Canada by 2.4% in the 1st quarter. Avantax Advisory Services Inc. now owns 5,225 shares of the financial services provider’s stock worth $527,000 after buying an additional 124 shares during the last quarter. Cigna Investments Inc. New boosted its holdings in Royal Bank of Canada by 0.5% in the 4th quarter. Cigna Investments Inc. New now owns 26,187 shares of the financial services provider’s stock worth $2,661,000 after acquiring an additional 131 shares during the period. Legacy Wealth Asset Management LLC grew its position in Royal Bank of Canada by 2.5% in the first quarter. Legacy Wealth Asset Management LLC now owns 5,689 shares of the financial services provider’s stock valued at $574,000 after acquiring an additional 137 shares in the last quarter. Applied Capital LLC FL lifted its position in shares of Royal Bank of Canada by 0.8% during the first quarter. Applied Capital LLC FL now owns 17,148 shares of the financial services provider’s stock worth $1,730,000 after purchasing an additional 142 shares in the last quarter. Finally, Boomfish Wealth Group LLC boosted its stake in shares of Royal Bank of Canada by 1.2% in the first quarter. Boomfish Wealth Group LLC now owns 12,660 shares of the financial services provider’s stock valued at $1,277,000 after purchasing an additional 149 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Stock Performance

RY traded down $0.95 during midday trading on Friday, reaching $111.13. The company’s stock had a trading volume of 1,723,367 shares, compared to its average volume of 909,978. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock has a market cap of $157.26 billion, a P/E ratio of 13.79, a PEG ratio of 1.75 and a beta of 0.86. The company has a fifty day simple moving average of $106.91 and a 200 day simple moving average of $101.77. Royal Bank of Canada has a twelve month low of $77.90 and a twelve month high of $112.67.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, May 30th. The financial services provider reported $2.15 EPS for the quarter, topping the consensus estimate of $2.03 by $0.12. Royal Bank of Canada had a return on equity of 14.87% and a net margin of 12.12%. The company had revenue of $10.43 billion for the quarter, compared to analysts’ expectations of $9.95 billion. Research analysts expect that Royal Bank of Canada will post 8.47 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, July 25th will be issued a $1.03 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. This represents a $4.12 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend is Thursday, July 25th. Royal Bank of Canada’s dividend payout ratio is 50.62%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. UBS Group started coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a “buy” rating on the stock. Argus raised their price objective on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Jefferies Financial Group raised shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Scotiabank upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. Finally, BMO Capital Markets downgraded Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $133.25.

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.