Bank of America Corp DE Purchases 71,948 Shares of Royal Bank Of Canada $RY

Key Points

• Bank of America increased its Royal Bank of Canada stake by 3.6% in the first quarter, purchasing 71,948 shares and bringing its holdings to 2.07 million shares valued at approximately $334.3 million.
• Royal Bank of Canada reported quarterly EPS of $2.84, exceeding estimates of $2.81, while revenue rose 11.4% year over year to $12.84 billion.
• The bank raised its quarterly dividend from $1.64 to $1.76 per share, implying an annualized dividend of $7.04 and a 3.4% yield. Analysts maintain a consensus “Moderate Buy” rating with a $225 price target.

Bank of America Corp DE lifted its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 3.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,066,234 shares of the financial services provider's stock after purchasing an additional 71,948 shares during the quarter. Bank of America Corp DE owned 0.15% of Royal Bank Of Canada worth $334,275,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Florida Trust Wealth Management Co raised its position in shares of Royal Bank Of Canada by 2.8% during the 4th quarter. Florida Trust Wealth Management Co now owns 2,190 shares of the financial services provider's stock valued at $373,000 after buying an additional 60 shares in the last quarter. Echo45 Advisors LLC grew its position in Royal Bank Of Canada by 5.0% in the first quarter. Echo45 Advisors LLC now owns 1,258 shares of the financial services provider's stock worth $204,000 after acquiring an additional 60 shares in the last quarter. Key Financial Inc increased its stake in Royal Bank Of Canada by 63.0% during the first quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock worth $26,000 after acquiring an additional 63 shares during the last quarter. Alta Capital Management LLC increased its stake in Royal Bank Of Canada by 4.0% during the fourth quarter. Alta Capital Management LLC now owns 1,686 shares of the financial services provider's stock worth $287,000 after acquiring an additional 65 shares during the last quarter. Finally, Aspen Grove Capital LLC increased its stake in Royal Bank Of Canada by 0.3% during the first quarter. Aspen Grove Capital LLC now owns 26,506 shares of the financial services provider's stock worth $4,288,000 after acquiring an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 45.31% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on RY. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. TD Securities reaffirmed a "buy" rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Argus set a $225.00 price objective on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. Raymond James Financial downgraded shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 12th. Finally, Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Royal Bank Of Canada has an average rating of "Moderate Buy" and a consensus target price of $225.00.

Royal Bank Of Canada Trading Down 0.0%

Shares of RY opened at $209.44 on Monday. The firm has a market capitalization of $290.41 billion, a price-to-earnings ratio of 18.82, a PEG ratio of 1.66 and a beta of 0.80. 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 has a 1-year low of $127.38 and a 1-year high of $218.57. The company has a 50-day moving average of $203.19 and a 200 day moving average of $182.27.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its earnings results on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, topping analysts' consensus estimates of $2.81 by $0.03. The business had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The company's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.12 EPS. On average, research analysts expect that Royal Bank Of Canada will post 11.41 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The company also recently declared 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 is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.4%. Royal Bank Of Canada's dividend payout ratio (DPR) is presently 44.56%.

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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