SCS Capital Management LLC Buys Shares of 4,016 Royal Bank Of Canada $RY

SCS Capital Management LLC purchased a new position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the second quarter, Holdings Channel reports. The fund purchased 4,016 shares of the financial services provider’s stock, valued at approximately $831,000.

Several other institutional investors and hedge funds also recently modified their holdings of RY. Harvest Fund Management Co. Ltd bought a new stake in shares of Royal Bank Of Canada during the fourth quarter valued at about $25,000. Key Financial Inc grew its position in Royal Bank Of Canada by 63.0% in the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock valued at $26,000 after buying an additional 63 shares in the last quarter. Johnson Financial Group Inc. bought a new position in Royal Bank Of Canada in the 3rd quarter valued at about $27,000. Maseco LLP increased its stake in Royal Bank Of Canada by 355.0% during the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock valued at $29,000 after buying an additional 142 shares during the period. Finally, Cornerstone Planning Group LLC increased its stake in Royal Bank Of Canada by 55.3% during the 4th quarter. Cornerstone Planning Group LLC now owns 247 shares of the financial services provider’s stock valued at $41,000 after buying an additional 88 shares during the period. Institutional investors own 45.31% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on RY shares. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a report on Wednesday. Raymond James Financial lowered shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 12th. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Finally, Weiss Ratings upgraded Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Price Performance

NYSE:RY opened at $216.67 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. The business’s 50-day moving average price is $207.42 and its 200 day moving average price is $185.32. Royal Bank Of Canada has a 52-week low of $135.92 and a 52-week high of $218.57. The firm has a market cap of $300.44 billion, a P/E ratio of 19.47, a PEG ratio of 1.71 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.81 by $0.03. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The company had revenue of $12.84 billion during the quarter, compared to the consensus estimate of $12.74 billion. During the same period in the prior year, the company earned $3.12 EPS. Royal Bank Of Canada’s revenue was up 11.4% on a year-over-year basis. As a group, sell-side analysts predict that Royal Bank Of Canada will post 11.47 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be issued a $1.76 dividend. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, July 27th. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s payout ratio is presently 44.56%.

Royal Bank Of Canada Company Profile

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.