Royal Bank of Canada (NYSE:RY) Stock Position Decreased by Shikiar Asset Management Inc.

Shikiar Asset Management Inc. trimmed its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 33.8% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 102,657 shares of the financial services provider’s stock after selling 52,500 shares during the quarter. Royal Bank of Canada comprises approximately 2.9% of Shikiar Asset Management Inc.’s portfolio, making the stock its 9th biggest position. Shikiar Asset Management Inc.’s holdings in Royal Bank of Canada were worth $10,921,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. First Horizon Advisors Inc. increased its position in Royal Bank of Canada by 64.7% in the fourth quarter. First Horizon Advisors Inc. now owns 471 shares of the financial services provider’s stock worth $48,000 after buying an additional 185 shares in the last quarter. Mather Group LLC. purchased a new position in Royal Bank of Canada during the first quarter valued at approximately $49,000. Addison Advisors LLC boosted its position in shares of Royal Bank of Canada by 131.0% in the fourth quarter. Addison Advisors LLC now owns 529 shares of the financial services provider’s stock worth $53,000 after purchasing an additional 300 shares during the period. Heritage Wealth Advisors purchased a new stake in shares of Royal Bank of Canada in the fourth quarter worth $61,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Royal Bank of Canada by 192.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 716 shares of the financial services provider’s stock valued at $72,000 after purchasing an additional 471 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Stock Up 0.8 %

NYSE RY traded up $0.91 during trading on Wednesday, reaching $110.39. 601,026 shares of the company’s stock traded hands, compared to its average volume of 1,103,822. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market cap of $156.21 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 1.70 and a beta of 0.86. The company’s 50 day simple moving average is $108.05 and its two-hundred day simple moving average is $102.99. Royal Bank of Canada has a 12-month low of $77.90 and a 12-month high of $112.67.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings results on Thursday, May 30th. The financial services provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The business had revenue of $10.43 billion for the quarter, compared to analysts’ expectations of $9.95 billion. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%. As a group, sell-side analysts forecast that Royal Bank of Canada will post 8.58 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, July 25th will be paid a $1.03 dividend. The ex-dividend date of this dividend is Thursday, July 25th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.73%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.02. Royal Bank of Canada’s dividend payout ratio is presently 51.49%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RY shares. Argus boosted their target price 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 Royal Bank of Canada from a “hold” rating to a “buy” rating in a report on Monday, May 13th. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. UBS Group assumed coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They set a “buy” rating for the company. Finally, BMO Capital Markets downgraded shares of Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Royal Bank of Canada presently has an average rating of “Moderate Buy” and a consensus target price of $133.25.

Royal Bank of Canada 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.