Investment Centers of America Inc. Raises Stake in Royal Bank of Canada (RY)

Investment Centers of America Inc. increased its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 37.7% during the first quarter, Holdings Channel reports. The institutional investor owned 10,504 shares of the financial services provider’s stock after buying an additional 2,878 shares during the period. Investment Centers of America Inc.’s holdings in Royal Bank of Canada were worth $765,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Welch Group LLC acquired a new position in shares of Royal Bank of Canada during the first quarter valued at $101,000. Quadrant Capital Group LLC boosted its position in shares of Royal Bank of Canada by 12.9% in the first quarter. Quadrant Capital Group LLC now owns 1,644 shares of the financial services provider’s stock valued at $108,000 after buying an additional 188 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Royal Bank of Canada during the first quarter valued at $123,000. Rational Advisors LLC boosted its position in shares of Royal Bank of Canada by 14.3% in the first quarter. Rational Advisors LLC now owns 2,708 shares of the financial services provider’s stock valued at $197,000 after buying an additional 338 shares in the last quarter. Finally, Washington Capital Management Inc. acquired a new position in shares of Royal Bank of Canada during the first quarter valued at $203,000. Institutional investors own 45.31% of the company’s stock.

Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

Shares of Royal Bank of Canada (NYSE RY) traded up 0.58% during mid-day trading on Friday, hitting $71.01. 938,968 shares of the stock traded hands. The stock has a market cap of $103.45 billion, a price-to-earnings ratio of 13.02 and a beta of 1.06. Royal Bank of Canada has a 12 month low of $57.01 and a 12 month high of $76.01. The firm has a 50 day moving average of $68.93 and a 200 day moving average of $70.62.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Thursday, May 25th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.34 by $0.08. The business had revenue of $7.75 billion for the quarter, compared to the consensus estimate of $6.88 billion. Royal Bank of Canada had a net margin of 27.25% and a return on equity of 16.72%. During the same period last year, the firm posted $1.66 earnings per share. On average, equities analysts expect that Royal Bank of Canada will post $5.53 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Wednesday, July 26th will be issued a dividend of $0.6439 per share. This represents a $2.58 annualized dividend and a yield of 3.63%. The ex-dividend date is Monday, July 24th. Royal Bank of Canada’s payout ratio is 48.07%.

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Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of Royal Bank of Canada from an “underperform” rating to a “market perform” rating in a research note on Monday, February 27th. TD Securities upgraded shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research note on Wednesday, February 22nd. National Bank Financial reiterated a “sector perform overweight” rating on shares of Royal Bank of Canada in a research note on Thursday, May 18th. Zacks Investment Research upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Thursday, June 1st. Finally, TheStreet cut shares of Royal Bank of Canada from a “b-” rating to a “c+” rating in a research note on Tuesday, March 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $85.63.

About Royal Bank of Canada

Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

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