Creative Planning Grows Stock Holdings in Royal Bank of Canada (NYSE:RY)

Creative Planning boosted its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 9.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 118,806 shares of the financial services provider’s stock after acquiring an additional 9,877 shares during the period. Creative Planning’s holdings in Royal Bank of Canada were worth $11,819,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in RY. Belpointe Asset Management LLC purchased a new stake in Royal Bank of Canada in the second quarter valued at $131,000. Rockefeller Capital Management L.P. lifted its position in Royal Bank of Canada by 149.6% in the second quarter. Rockefeller Capital Management L.P. now owns 38,040 shares of the financial services provider’s stock valued at $3,853,000 after acquiring an additional 22,801 shares during the last quarter. Van ECK Associates Corp lifted its position in Royal Bank of Canada by 3.4% in the second quarter. Van ECK Associates Corp now owns 51,493 shares of the financial services provider’s stock valued at $5,216,000 after acquiring an additional 1,693 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Royal Bank of Canada by 2.9% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 37,100 shares of the financial services provider’s stock valued at $3,759,000 after acquiring an additional 1,052 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its position in Royal Bank of Canada by 2.8% in the second quarter. Mercer Global Advisors Inc. ADV now owns 13,778 shares of the financial services provider’s stock valued at $1,396,000 after acquiring an additional 372 shares during the last quarter. 40.93% of the stock is owned by hedge funds and other institutional investors.

Shares of Royal Bank of Canada stock opened at $117.33 on Friday. Royal Bank of Canada has a 52-week low of $80.53 and a 52-week high of $117.34. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.10. The company’s 50-day simple moving average is $105.06 and its 200-day simple moving average is $103.46. The firm has a market cap of $167.23 billion, a price-to-earnings ratio of 13.32, a price-to-earnings-growth ratio of 2.81 and a beta of 0.99.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings results on Wednesday, December 1st. The financial services provider reported $2.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.24 by ($0.08). Royal Bank of Canada had a return on equity of 18.57% and a net margin of 27.76%. The firm had revenue of $9.85 billion for the quarter, compared to analyst estimates of $9.10 billion. Equities research analysts anticipate that Royal Bank of Canada will post 8.77 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, February 24th. Shareholders of record on Wednesday, January 26th will be given a dividend of $0.939 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.86. This represents a $3.76 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Tuesday, January 25th. Royal Bank of Canada’s dividend payout ratio is presently 38.59%.

A number of equities research analysts recently weighed in on RY shares. CIBC reduced their price target on shares of Royal Bank of Canada from C$149.00 to C$143.00 and set a “neutral” rating for the company in a research report on Thursday, December 2nd. Zacks Investment Research cut shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Tuesday, December 7th. National Bank Financial reduced their target price on shares of Royal Bank of Canada from C$144.00 to C$140.00 and set an “outperform” rating for the company in a report on Thursday, December 2nd. Scotiabank reduced their target price on shares of Royal Bank of Canada from C$149.00 to C$146.00 and set an “outperform” rating for the company in a report on Thursday, December 2nd. Finally, reduced their target price on shares of Royal Bank of Canada from C$143.00 to C$141.00 and set a “buy” rating for the company in a report on Thursday, December 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Royal Bank of Canada has an average rating of “Buy” and an average target price of $135.98.

About Royal Bank of Canada

Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.

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

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