MidFirst Bank Makes New $4.51 Million Investment in Royal Bank Of Canada $RY

MidFirst Bank bought a new position in Royal Bank Of Canada (NYSE:RY) (TSE:RY) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 26,462 shares of the financial services provider’s stock, valued at approximately $4,512,000.

Several other institutional investors also recently modified their holdings of the business. Harvest Fund Management Co. Ltd bought a new stake in Royal Bank Of Canada during the fourth quarter worth $25,000. Tradewinds Capital Management LLC bought a new position in Royal Bank Of Canada in the 4th quarter valued at $26,000. Johnson Financial Group Inc. bought a new position in shares of Royal Bank Of Canada in the third quarter worth $27,000. Highline Wealth Partners LLC increased its holdings in shares of Royal Bank Of Canada by 75.4% in the fourth quarter. Highline Wealth Partners LLC now owns 207 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 89 shares during the period. Finally, Cornerstone Planning Group LLC raised its position in shares of Royal Bank Of Canada by 55.3% in the fourth quarter. Cornerstone Planning Group LLC now owns 247 shares of the financial services provider’s stock worth $41,000 after buying an additional 88 shares in the last quarter. 45.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

RY has been the subject of several research analyst reports. Argus set a $225.00 price objective on Royal Bank Of Canada in a research note on Thursday, June 11th. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Barclays reissued an “overweight” rating on shares of Royal Bank Of Canada in a report on Thursday, February 19th. Finally, Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Stock Up 0.5%

RY opened at $201.66 on Friday. The business’s fifty day simple moving average is $185.04 and its 200 day simple moving average is $173.24. Royal Bank Of Canada has a 52 week low of $126.02 and a 52 week high of $202.90. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The stock has a market cap of $280.25 billion, a PE ratio of 18.12, a P/E/G ratio of 1.58 and a beta of 0.81.

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 (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.83% and a net margin of 15.92%.The firm had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. During the same quarter in the previous year, the company posted $3.12 earnings per share. The company’s revenue was up 11.4% compared to the same quarter last year. As a group, research analysts expect that Royal Bank Of Canada will post 11.52 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be given a $1.76 dividend. This represents a $7.04 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, July 27th. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s dividend payout ratio is presently 42.41%.

Royal Bank Of Canada 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.