11,113,364 Shares in Royal Bank Of Canada $RY Acquired by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 11.1 million Royal Bank of Canada shares in the second quarter, valued at approximately $2.30 billion and representing about 0.80% of RBC’s outstanding stock.
• RBC reported quarterly earnings of $2.84 per share and revenue of $12.84 billion, exceeding analyst estimates; revenue increased 11.4% year over year.
• The bank raised its quarterly dividend to $1.76 per share, or $7.04 annualized, yielding about 3.5%. Analysts maintain a “Moderate Buy” consensus with an average price target of $225.

The Manufacturers Life Insurance Company acquired a new stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 11,113,364 shares of the financial services provider's stock, valued at approximately $2,296,717,000. Royal Bank Of Canada makes up 1.8% of The Manufacturers Life Insurance Company's investment portfolio, making the stock its 8th largest position. The Manufacturers Life Insurance Company owned about 0.80% of Royal Bank Of Canada as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd purchased a new position in Royal Bank Of Canada during the 4th quarter valued at about $25,000. Key Financial Inc grew its position 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 valued at $26,000 after purchasing an additional 63 shares during the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of Royal Bank Of Canada in the third quarter valued at approximately $27,000. BOK Financial Private Wealth Inc. purchased a new position in shares of Royal Bank Of Canada during the 2nd quarter worth approximately $28,000. Finally, Maseco LLP increased its stake in shares of Royal Bank Of Canada by 355.0% during the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider's stock worth $29,000 after purchasing an additional 142 shares in the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank Of Canada Stock Down 0.6%

RY stock opened at $203.99 on Tuesday. The company has a 50 day moving average price of $208.67 and a two-hundred day moving average price of $187.02. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $282.85 billion, a P/E ratio of 18.33, a PEG ratio of 1.54 and a beta of 0.80. Royal Bank Of Canada has a one year low of $136.10 and a one year high of $218.57.

Royal Bank Of Canada (NYSE:RY - Get Free Report) 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, topping analysts' consensus estimates of $2.81 by $0.03. The company had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The business's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.12 EPS. As a group, sell-side analysts expect that Royal Bank Of Canada will post 11.59 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, July 27th were paid a dividend of $1.76 per share. The ex-dividend date of this dividend was Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.5%. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.64. Royal Bank Of Canada's dividend payout ratio is currently 44.56%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 19th. Weiss Ratings raised Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, July 29th. Scotiabank reissued an "outperform" rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a research report on Friday. Finally, Raymond James Financial cut Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $225.00.

Royal Bank Of Canada Company 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.

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