Assenagon Asset Management S.A. Sells 1,544,185 Shares of Royal Bank Of Canada $RY

Key Points

• Assenagon Asset Management cut its Royal Bank of Canada stake by 97.1% in the third quarter, selling 1,544,185 shares and retaining 45,420 shares valued at approximately $9.0 million.
• Royal Bank of Canada reported quarterly EPS of $3.07, exceeding analyst expectations of $2.89, while revenue of $13.22 billion also topped estimates.
• The bank declared a quarterly dividend of C$1.76, equivalent to C$7.04 annually and a 3.6% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $225.

Assenagon Asset Management S.A. decreased its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 97.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,420 shares of the financial services provider's stock after selling 1,544,185 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Royal Bank Of Canada were worth $9,038,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Key Financial Inc boosted its holdings in Royal Bank Of Canada by 63.0% in the 1st 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. BOK Financial Private Wealth Inc. purchased a new stake in shares of Royal Bank Of Canada in the 2nd quarter valued at approximately $28,000. Maseco LLP increased its holdings 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 buying an additional 142 shares during the last quarter. Highland Investment Advisors LLC acquired a new stake in shares of Royal Bank Of Canada during the 2nd quarter worth approximately $31,000. Finally, Bell Investment Advisors Inc acquired a new stake in shares of Royal Bank Of Canada during the 2nd quarter worth approximately $32,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Stock Down 0.7%

Royal Bank Of Canada stock opened at $196.48 on Tuesday. Royal Bank Of Canada has a fifty-two week low of $143.38 and a fifty-two week high of $218.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a 50 day moving average price of $203.26 and a 200 day moving average price of $196.89. The company has a market capitalization of $271.92 billion, a PE ratio of 17.19, a price-to-earnings-growth ratio of 1.77 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its earnings results on Thursday, August 27th. The financial services provider reported $3.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.89 by $0.18. Royal Bank Of Canada had a return on equity of 17.79% and a net margin of 16.17%. The company had revenue of $13.22 billion for the quarter, compared to analyst estimates of $12.98 billion. Research analysts expect that Royal Bank Of Canada will post 11.83 earnings per share for the current year.

Royal Bank Of Canada Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Monday, October 26th will be paid a C$1.76 dividend. 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 3.6%. Royal Bank Of Canada's payout ratio is presently 43.39%.

Analysts Set New Price Targets

RY has been the topic of a number of recent analyst reports. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Royal Bank Of Canada in a report on Wednesday, August 19th. TD Securities reissued a "buy" rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods started coverage on Royal Bank Of Canada in a research note on Friday, August 21st. They set a "market perform" rating for the company. Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a research report on Friday, August 21st. 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 research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Royal Bank Of Canada presently has an average rating of "Moderate Buy" and an average target price of $225.00.

About Royal Bank Of Canada

Royal Bank of Canada NYSE: RY is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it operates under the RBC brand and provides banking, wealth management, capital markets, insurance and investor services to individuals, businesses, institutions and governments.

RBC's personal and commercial banking operations offer deposit accounts, lending, mortgages, credit cards, payment services and financial advice. Its wealth management business provides investment management, private banking, trust, brokerage and advisory services, while RBC Capital Markets delivers investment banking, sales and trading, research and corporate finance services.

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