Lazard Asset Management LLC Grows Stake in Royal Bank Of Canada $RY

Lazard Asset Management LLC boosted its position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 289.8% in the first quarter, Holdings Channel reports. The fund owned 345,881 shares of the financial services provider’s stock after purchasing an additional 257,138 shares during the quarter. Lazard Asset Management LLC’s holdings in Royal Bank Of Canada were worth $55,925,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Harvest Fund Management Co. Ltd bought a new position in shares of Royal Bank Of Canada in the 4th quarter worth approximately $25,000. Key Financial Inc boosted its holdings in shares of Royal Bank Of Canada by 63.0% in the first quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock worth $26,000 after buying an additional 63 shares during the last quarter. Johnson Financial Group Inc. bought a new stake in Royal Bank Of Canada during the third quarter valued at approximately $27,000. Maseco LLP grew its position in Royal Bank Of Canada by 355.0% during the first 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, Highline Wealth Partners LLC increased its holdings in Royal Bank Of Canada by 75.4% during the fourth quarter. Highline Wealth Partners LLC now owns 207 shares of the financial services provider’s stock valued at $35,000 after buying an additional 89 shares during the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. TD Securities reissued a “buy” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Raymond James Financial lowered Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 12th. Weiss Ratings downgraded Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Monday, June 29th. Finally, Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Ten equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $225.00.

Royal Bank Of Canada Price Performance

NYSE RY opened at $209.54 on Tuesday. Royal Bank Of Canada has a 12 month low of $127.38 and a 12 month high of $218.57. The stock has a market cap of $290.55 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 1.66 and a beta of 0.80. The company’s 50 day moving average is $201.42 and its two-hundred day moving average is $181.14. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10.

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 the consensus estimate of $2.81 by $0.03. The business had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.12 earnings per share. As a group, research analysts anticipate that Royal Bank Of Canada will post 11.45 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be given a dividend of $1.76 per share. This represents a $7.04 annualized dividend and a dividend yield of 3.4%. 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 payout ratio is 44.47%.

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.