Prudential PLC increased its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 4.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 17,600 shares of the financial services provider’s stock after acquiring an additional 800 shares during the quarter. Prudential PLC’s holdings in Royal Bank of Canada were worth $1,206,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Financial Gravity Companies Inc. bought a new position in Royal Bank of Canada in the 4th quarter worth about $38,000. Oppenheimer Asset Management Inc. bought a new position in Royal Bank of Canada in the 4th quarter worth about $38,000. Laurel Wealth Advisors LLC bought a new position in Royal Bank of Canada in the 4th quarter worth about $95,000. Honkamp Krueger Financial Services Inc. bought a new position in Royal Bank of Canada in the 3rd quarter worth about $120,000. Finally, Huntington National Bank boosted its stake in Royal Bank of Canada by 14.5% in the 4th quarter. Huntington National Bank now owns 1,660 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 210 shares during the period. 41.39% of the stock is owned by institutional investors.
A number of analysts have recently issued reports on RY shares. Scotiabank reiterated an “average” rating and set a $111.00 price target on shares of Royal Bank of Canada in a research report on Friday, February 22nd. TD Securities upgraded Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, December 10th. Macquarie upgraded Royal Bank of Canada from a “neutral” rating to an “outperform” rating in a research report on Wednesday, December 12th. Barclays reiterated a “sell” rating on shares of Royal Bank of Canada in a research report on Wednesday, November 28th. Finally, ValuEngine upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Saturday, December 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $95.33.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Friday, February 22nd. The financial services provider reported $1.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.66 by ($0.01). The firm had revenue of $8.70 billion during the quarter, compared to the consensus estimate of $8.31 billion. Royal Bank of Canada had a return on equity of 17.52% and a net margin of 20.85%. During the same quarter in the previous year, the firm earned $2.01 EPS. On average, equities analysts forecast that Royal Bank of Canada will post 6.83 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Thursday, April 25th will be given a $0.7704 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $3.08 dividend on an annualized basis and a yield of 3.97%. Royal Bank of Canada’s payout ratio is presently 43.95%.
Royal Bank of Canada Profile
Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.
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