Magnus Financial Group LLC Makes New $204,000 Investment in Royal Bank of Canada (NYSE:RY)

Magnus Financial Group LLC acquired a new stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,920 shares of the financial services provider’s stock, valued at approximately $204,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fiera Capital Corp boosted its holdings in shares of Royal Bank of Canada by 1.9% during the 2nd quarter. Fiera Capital Corp now owns 4,588,260 shares of the financial services provider’s stock worth $488,687,000 after buying an additional 86,810 shares during the period. Natixis Advisors LLC increased its holdings in shares of Royal Bank of Canada by 8.8% during the second quarter. Natixis Advisors LLC now owns 117,608 shares of the financial services provider’s stock worth $12,511,000 after buying an additional 9,535 shares in the last quarter. Ritholtz Wealth Management grew its holdings in shares of Royal Bank of Canada by 10.1% during the second quarter. Ritholtz Wealth Management now owns 33,183 shares of the financial services provider’s stock worth $3,530,000 after purchasing an additional 3,054 shares during the last quarter. Summit Financial LLC grew its holdings in Royal Bank of Canada by 8.9% during the 2nd quarter. Summit Financial LLC now owns 3,361 shares of the financial services provider’s stock worth $358,000 after acquiring an additional 276 shares during the last quarter. Finally, Sollinda Capital Management LLC raised its position in Royal Bank of Canada by 2.8% in the 2nd quarter. Sollinda Capital Management LLC now owns 3,674 shares of the financial services provider’s stock worth $391,000 after purchasing an additional 101 shares during the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RY. Jefferies Financial Group raised Royal Bank of Canada from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. BMO Capital Markets boosted their target price on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Argus raised their price objective on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. Finally, Scotiabank raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Price Performance

RY stock opened at $120.83 on Wednesday. The stock has a market capitalization of $170.98 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.98 and a beta of 0.86. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $121.22. The company’s 50-day moving average is $111.16 and its 200-day moving average is $104.90. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.40%. Royal Bank of Canada’s dividend payout ratio is currently 51.49%.

About Royal Bank of Canada

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.