222,568 Shares in Royal Bank Of Canada $RY Purchased by Main Street Research LLC

Key Points

• Main Street Research LLC bought a new position in Royal Bank of Canada, purchasing 222,568 shares valued at about $36.0 million. The stake represents roughly 2.1% of its portfolio.
• Royal Bank of Canada recently reported better-than-expected quarterly earnings, posting $2.84 EPS versus the $2.81 estimate, while revenue came in at $12.84 billion. Analysts now expect the bank to earn 11.45 EPS for the full fiscal year.
• The bank also raised its quarterly dividend to $1.76 per share, up from $1.64, for an annualized payout of $7.04 and a yield of about 3.4%. The stock was trading near its 52-week high and had gained 1.4% on the day cited.

Main Street Research LLC purchased a new position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 222,568 shares of the financial services provider's stock, valued at approximately $36,007,000. Royal Bank Of Canada accounts for about 2.1% of Main Street Research LLC's investment portfolio, making the stock its 26th biggest position.

Several other hedge funds have also made changes to their positions in RY. HighTower Advisors LLC increased its holdings 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 acquiring an additional 15,046 shares during the period. Fisher Asset Management LLC raised its holdings 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 valued at $1,086,601,000 after buying an additional 368,534 shares during the last quarter. Rathbones Group PLC boosted 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 in the 4th quarter worth approximately $7,335,000. Finally, MUFG Securities EMEA plc bought a new position in Royal Bank Of Canada in the 4th quarter worth approximately $49,450,000. Institutional investors own 45.31% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on RY. TD Securities reiterated a "buy" rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Scotiabank reissued an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. Finally, Raymond James Financial lowered shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 12th. Ten research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $225.00.

Royal Bank Of Canada Stock Up 1.4%

NYSE RY opened at $208.58 on Friday. Royal Bank Of Canada has a 12 month low of $127.38 and a 12 month high of $209.64. The company has a market capitalization of $289.88 billion, a P/E ratio of 18.74, a PEG ratio of 1.63 and a beta of 0.80. The company's 50 day simple moving average is $193.99 and its 200 day simple moving average is $177.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The firm had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. During the same quarter in the previous year, the business posted $3.12 earnings per share. The firm's quarterly revenue was up 11.4% compared to the same quarter last year. Equities research analysts expect that Royal Bank Of Canada will post 11.45 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be given a dividend of $1.76 per share. 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. The ex-dividend date of this dividend is Monday, July 27th. Royal Bank Of Canada's payout ratio is presently 42.41%.

Royal Bank Of Canada 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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