12,311,637 Shares in Royal Bank Of Canada $RY Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 12.31 million Royal Bank of Canada shares worth approximately $2.55 billion, making RBC its fourth-largest holding and representing 3.8% of its portfolio.
• Analysts maintain a generally positive outlook, with RBC receiving a consensus “Moderate Buy” rating and an average price target of $225.
• RBC reported quarterly EPS of $2.84, exceeding estimates, while revenue rose 11.4% year over year. The bank also increased its quarterly dividend to $1.76, implying a 3.4% annual yield.

Bank of Nova Scotia bought a new position in shares of 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 bought 12,311,637 shares of the financial services provider's stock, valued at approximately $2,549,157,000. Royal Bank Of Canada comprises approximately 3.8% of Bank of Nova Scotia's investment portfolio, making the stock its 4th largest holding. Bank of Nova Scotia owned 0.89% of Royal Bank Of Canada at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. HighTower Advisors LLC lifted its position in shares of Royal Bank Of Canada by 18.5% in the 4th quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider's stock worth $16,407,000 after purchasing an additional 15,046 shares during the period. Fisher Asset Management LLC increased its position in shares of Royal Bank Of Canada by 6.1% during the fourth quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider's stock worth $1,086,601,000 after buying an additional 368,534 shares during the period. Rathbones Group PLC increased its position in shares of Royal Bank Of Canada by 9.0% during the fourth quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider's stock worth $55,480,000 after buying an additional 26,782 shares during the period. Indivisible Partners bought a new position in Royal Bank Of Canada during the fourth quarter worth $7,335,000. Finally, MUFG Securities EMEA plc acquired a new position in Royal Bank Of Canada in the fourth quarter valued at $49,450,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RY has been the topic of a number of research analyst reports. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. TD Securities reissued a "buy" rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Royal Bank Of Canada in a research note on Wednesday. Keefe, Bruyette & Woods started coverage on Royal Bank Of Canada in a research report on Friday. They set a "market perform" rating on the stock. Finally, Weiss Ratings raised Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $225.00.

Royal Bank Of Canada Trading Down 0.2%

NYSE:RY opened at $204.86 on Friday. Royal Bank Of Canada has a 12 month low of $135.97 and a 12 month high of $218.57. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $284.06 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 1.62 and a beta of 0.80. The firm has a fifty day simple moving average of $208.56 and a two-hundred day simple moving average of $186.66.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, beating the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The firm had revenue of $12.84 billion during the quarter, compared to the consensus estimate of $12.74 billion. During the same quarter in the previous year, the company posted $3.12 earnings per share. The company's quarterly revenue was up 11.4% on a year-over-year basis. Analysts expect that Royal Bank Of Canada will post 11.59 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be issued a $1.76 dividend. The ex-dividend date is Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.4%. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.64. Royal Bank Of Canada's dividend payout ratio (DPR) is currently 44.56%.

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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