National Bank of Canada FI Has $2.14 Billion Holdings in Royal Bank of Canada (NYSE:RY)

National Bank of Canada FI grew its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 16.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,232,204 shares of the financial services provider’s stock after buying an additional 2,901,033 shares during the period. Royal Bank of Canada makes up 2.9% of National Bank of Canada FI’s portfolio, making the stock its 4th largest holding. National Bank of Canada FI owned approximately 1.43% of Royal Bank of Canada worth $2,141,681,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Ridgewood Investments LLC bought a new stake in shares of Royal Bank of Canada during the second quarter worth $27,000. First Horizon Advisors Inc. boosted its position in Royal Bank of Canada by 64.7% in the 4th quarter. First Horizon Advisors Inc. now owns 471 shares of the financial services provider’s stock valued at $48,000 after buying an additional 185 shares during the period. Mather Group LLC. purchased a new position in shares of Royal Bank of Canada during the first quarter worth approximately $49,000. Nisa Investment Advisors LLC grew its stake in Royal Bank of Canada by 293.8% in the second quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 379 shares in the last quarter. Finally, Heritage Wealth Advisors purchased a new position in Royal Bank of Canada during the 4th quarter worth $61,000. 45.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group raised Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Argus increased 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. UBS Group began coverage on shares of Royal Bank of Canada in a research report on Tuesday, July 2nd. They issued a “buy” rating for the company. BMO Capital Markets lifted their price objective on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Stock Performance

Shares of NYSE RY traded down $0.52 during midday trading on Thursday, reaching $121.56. The company had a trading volume of 166,700 shares, compared to its average volume of 1,094,706. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $122.91. The business’s 50-day simple moving average is $111.49 and its 200 day simple moving average is $105.02. 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 $172.02 billion, a P/E ratio of 15.15, a P/E/G ratio of 1.98 and a beta of 0.86.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.38%. Royal Bank of Canada’s dividend payout ratio is currently 50.99%.

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.