Royal Bank of Canada (NYSE:RY) Shares Bought by Rathbones Group PLC

Rathbones Group PLC increased its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 115.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 282,224 shares of the financial services provider’s stock after purchasing an additional 151,134 shares during the quarter. Rathbones Group PLC’s holdings in Royal Bank of Canada were worth $30,040,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Ridgewood Investments LLC acquired a new stake in shares of Royal Bank of Canada in the 2nd quarter worth approximately $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in Royal Bank of Canada in the second quarter worth approximately $33,000. Mather Group LLC. bought a new position in Royal Bank of Canada during the 1st quarter valued at $49,000. Nisa Investment Advisors LLC increased its position in shares of Royal Bank of Canada by 293.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 379 shares during the period. Finally, Heritage Wealth Advisors bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth $61,000. Institutional investors own 45.31% of the company’s stock.

Analyst Ratings Changes

RY has been the topic of several recent research reports. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Argus upped their price target on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, June 6th. UBS Group initiated coverage on Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a “buy” rating on the stock. Finally, BMO Capital Markets upped their target price on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Stock Down 0.3 %

NYSE:RY opened at $123.59 on Friday. Royal Bank of Canada has a 1-year low of $77.90 and a 1-year high of $124.31. The firm has a market capitalization of $174.89 billion, a price-to-earnings ratio of 15.33, a PEG ratio of 2.00 and a beta of 0.86. 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 business’s fifty day moving average price is $113.60 and its 200 day moving average price is $106.24.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be issued a dividend of $1.028 per share. This represents a $4.11 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is currently 52.11%.

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.