305,484 Royal Bank Of Canada $RY Shares Purchased by Fisher Asset Management LLC

Key Points

• Fisher Asset Management increased its RBC stake by 4.3%, buying 305,484 shares and bringing its holding to about 7.37 million shares, valued at roughly $1.45 billion.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $227; RBC’s latest reported quarterly earnings and revenue also exceeded estimates.
• RBC announced a quarterly dividend of C$1.76 per share, equivalent to C$7.04 annualized and a reported 3.5% yield.

Fisher Asset Management LLC boosted its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 4.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,367,837 shares of the financial services provider's stock after buying an additional 305,484 shares during the quarter. Fisher Asset Management LLC owned approximately 0.53% of Royal Bank Of Canada worth $1,448,443,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of Nova Scotia purchased a new stake in shares of Royal Bank Of Canada during the 2nd quarter worth about $2,549,157,000. The Manufacturers Life Insurance Company purchased a new position in shares of Royal Bank Of Canada in the 2nd quarter valued at about $2,296,717,000. Canada Pension Plan Investment Board purchased a new position in shares of Royal Bank Of Canada in the 2nd quarter valued at about $2,275,797,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Royal Bank Of Canada in the 2nd quarter valued at about $2,260,820,000. Finally, Legal & General Group Plc acquired a new position in Royal Bank Of Canada in the 2nd quarter worth about $1,645,758,000. Institutional investors and hedge funds own 45.31% of the company's stock.

Wall Street Analysts Forecast Growth

RY has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods assumed coverage on Royal Bank Of Canada in a research report on Friday, August 21st. They set a "market perform" rating on the stock. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 19th. Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research note on Friday, August 28th. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a research note on Friday, August 21st. Finally, Weiss Ratings reiterated a "buy (a-)" rating on shares of Royal Bank Of Canada in a research report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, Royal Bank Of Canada currently has a consensus rating of "Moderate Buy" and an average target price of $227.00.

Royal Bank Of Canada Stock Down 0.3%

RY stock opened at $202.84 on Friday. Royal Bank Of Canada has a 52 week low of $144.56 and a 52 week high of $218.57. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.10. The firm has a 50-day simple moving average of $201.31 and a 200-day simple moving average of $190.72. The stock has a market capitalization of $280.74 billion, a P/E ratio of 17.53, a P/E/G ratio of 1.70 and a beta of 0.79.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings results on Thursday, August 27th. The financial services provider reported $3.07 earnings per share for the quarter, beating analysts' consensus estimates of $2.89 by $0.18. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. The firm had revenue of $13.22 billion for the quarter, compared to analyst estimates of $12.98 billion. Equities analysts forecast that Royal Bank Of Canada will post 11.77 earnings per share for the current fiscal year.

Royal Bank Of Canada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Monday, October 26th will be issued a dividend of C$1.76 per share. The ex-dividend date of this dividend is Monday, October 26th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.5%. Royal Bank Of Canada's dividend payout ratio is presently 43.31%.

Royal Bank Of Canada Profile

Royal Bank of Canada (RBC) is a diversified financial services company founded in 1864 and headquartered in Toronto, Ontario. It provides personal and commercial banking, wealth management, insurance, investor and treasury services, and capital markets services to individuals, businesses, institutions, and governments. In Canada, RBC offers banking products such as deposit accounts, loans, mortgages, credit cards, and financial advice. Its wealth management and insurance businesses provide investment, advisory, and protection services, while its capital markets operations serve corporate and institutional clients.

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