Man Group plc raised its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 26.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 339,440 shares of the financial services provider’s stock after buying an additional 71,600 shares during the period. Man Group plc’s holdings in Royal Bank of Canada were worth $27,190,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. Honkamp Krueger Financial Services Inc. acquired a new position in shares of Royal Bank of Canada in the 3rd quarter worth approximately $120,000. Advisors Asset Management Inc. grew its stake in shares of Royal Bank of Canada by 148.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,843 shares of the financial services provider’s stock worth $142,000 after purchasing an additional 1,101 shares during the last quarter. Cypress Capital Management LLC acquired a new position in shares of Royal Bank of Canada in the 3rd quarter worth approximately $200,000. ELCO Management Co. LLC acquired a new position in shares of Royal Bank of Canada in the 3rd quarter worth approximately $200,000. Finally, West Coast Financial LLC acquired a new position in shares of Royal Bank of Canada in the 3rd quarter worth approximately $203,000. 41.17% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on RY shares. ValuEngine cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Desjardins reaffirmed a “buy” rating on shares of Royal Bank of Canada in a research note on Tuesday, December 11th. Barclays reaffirmed a “sell” rating on shares of Royal Bank of Canada in a research note on Wednesday, November 28th. Zacks Investment Research cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Tuesday, November 27th. Finally, Argus lowered their price objective on shares of Royal Bank of Canada to $89.00 and set a “positive” rating on the stock in a research note on Thursday, November 29th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $96.00.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, November 28th. The financial services provider reported $1.71 EPS for the quarter, topping the consensus estimate of $1.61 by $0.10. Royal Bank of Canada had a net margin of 21.60% and a return on equity of 18.09%. The company had revenue of $10.67 billion during the quarter, compared to analysts’ expectations of $11.14 billion. During the same period last year, the company posted $1.88 earnings per share. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. As a group, analysts anticipate that Royal Bank of Canada will post 6.78 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 22nd. Shareholders of record on Thursday, January 24th will be issued a $0.745 dividend. This represents a $2.98 annualized dividend and a dividend yield of 4.23%. The ex-dividend date is Wednesday, January 23rd. Royal Bank of Canada’s payout ratio is 46.55%.
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About Royal Bank of Canada
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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