Bank of New York Mellon Corp Lowers Stock Holdings in Royal Bank Of Canada $RY

Key Points

• Bank of New York Mellon trimmed its Royal Bank of Canada stake by 3.1% in the first quarter, selling 40,018 shares and ending with about 1.27 million shares valued at roughly $205.5 million.
• Royal Bank of Canada recently beat quarterly earnings expectations, reporting EPS of $2.84 versus $2.81 expected, while revenue rose 11.4% year over year to $12.84 billion.
• The bank also raised its quarterly dividend to $1.76 per share from $1.64, implying an annualized dividend of $7.04 and a yield of 3.3%.

Bank of New York Mellon Corp lowered its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 3.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,270,046 shares of the financial services provider's stock after selling 40,018 shares during the period. Bank of New York Mellon Corp owned about 0.09% of Royal Bank Of Canada worth $205,468,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Norges Bank bought a new stake in Royal Bank Of Canada during the 4th quarter valued at approximately $3,472,382,000. Alberta Investment Management Corp purchased a new position in Royal Bank Of Canada in the 4th quarter worth approximately $324,237,000. Vanguard Group Inc. boosted its stake in Royal Bank Of Canada by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider's stock worth $11,529,165,000 after purchasing an additional 1,290,142 shares during the period. Geode Capital Management LLC boosted its stake in Royal Bank Of Canada by 6.9% in the 4th quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider's stock worth $2,389,773,000 after purchasing an additional 882,253 shares during the period. Finally, BCV Asset Management Inc. bought a new position in Royal Bank Of Canada in the 4th quarter worth approximately $136,790,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

Analysts Set New Price Targets

RY has been the topic of several recent analyst reports. TD Securities reissued a "buy" rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Scotiabank reiterated an "outperform" rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Raymond James Financial downgraded shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 12th. Finally, Weiss Ratings cut shares of Royal Bank Of Canada from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Monday, June 29th. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $225.00.

Royal Bank Of Canada Trading Down 0.2%

Shares of RY opened at $215.58 on Friday. The company's fifty day moving average is $198.12 and its 200 day moving average is $179.45. Royal Bank Of Canada has a fifty-two week low of $127.38 and a fifty-two week high of $218.57. The stock has a market capitalization of $298.93 billion, a PE ratio of 19.37, a P/E/G ratio of 1.71 and a beta of 0.80. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.82 and a current ratio of 0.82.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. During the same quarter in the prior year, the firm earned $3.12 earnings per share. Royal Bank Of Canada's revenue was up 11.4% on a year-over-year basis. Sell-side 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 firm 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. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 3.3%. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.64. Royal Bank Of Canada's dividend payout ratio is currently 44.47%.

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.

Want to see what other hedge funds are holding RY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.