Belleair Asset Management LLC Acquires New Stake in Royal Bank Of Canada $RY

Key Points

• Belleair Asset Management purchased a new position of 6,450 shares in Royal Bank of Canada in Q4, valued at about $1.1 million, representing roughly 1.0% of its portfolio and the fund's 26th largest holding.
• RBC beat quarterly estimates with EPS $2.94 (vs. $2.81 expected) and revenue of $13.18 billion, and the stock is trading near its 1‑year high around $180 with a market cap of about $251.6 billion.
• RBC declared a quarterly dividend of $1.64 (annualized $6.56, yield ~3.6%; ex-dividend Apr 23, payable May 22), while analysts maintain a consensus rating of Moderate Buy with an average price target of $162.00.

Belleair Asset Management LLC purchased a new position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,450 shares of the financial services provider's stock, valued at approximately $1,100,000. Royal Bank Of Canada comprises approximately 1.0% of Belleair Asset Management LLC's investment portfolio, making the stock its 26th largest holding.

Several other hedge funds have also recently added to or reduced their stakes in RY. Canerector Inc. lifted its stake in Royal Bank Of Canada by 20,412.0% during the third quarter. Canerector Inc. now owns 13,332,800 shares of the financial services provider's stock worth $1,964,188,000 after purchasing an additional 13,267,800 shares during the last quarter. Quadrature Capital Ltd lifted its stake in Royal Bank Of Canada by 603.1% during the third quarter. Quadrature Capital Ltd now owns 1,746,400 shares of the financial services provider's stock worth $257,183,000 after purchasing an additional 1,498,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in Royal Bank Of Canada by 2.0% during the third quarter. Vanguard Group Inc. now owns 66,338,321 shares of the financial services provider's stock worth $9,777,472,000 after purchasing an additional 1,329,637 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Royal Bank Of Canada by 11.3% during the third quarter. JPMorgan Chase & Co. now owns 7,296,221 shares of the financial services provider's stock worth $1,074,879,000 after purchasing an additional 740,276 shares during the last quarter. Finally, Two Sigma Investments LP lifted its stake in Royal Bank Of Canada by 342.7% during the third quarter. Two Sigma Investments LP now owns 543,320 shares of the financial services provider's stock worth $80,042,000 after purchasing an additional 420,595 shares during the last quarter. Institutional investors own 45.31% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a research note on Thursday, February 19th. Raymond James Financial reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research note on Friday, February 13th. Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research note on Friday, January 9th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Royal Bank Of Canada in a research note on Thursday, January 22nd. Finally, Zacks Research lowered Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 3rd. Eleven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $162.00.

Royal Bank Of Canada Trading Up 2.7%

NYSE RY opened at $180.00 on Friday. Royal Bank Of Canada has a 1-year low of $119.50 and a 1-year high of $180.81. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average of $168.19 and a 200-day moving average of $163.22. The firm has a market cap of $251.58 billion, a PE ratio of 17.22, a price-to-earnings-growth ratio of 1.32 and a beta of 0.78.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its earnings results on Thursday, February 26th. The financial services provider reported $2.94 earnings per share for the quarter, beating analysts' consensus estimates of $2.81 by $0.13. Royal Bank Of Canada had a return on equity of 17.12% and a net margin of 15.28%.The company had revenue of $13.18 billion during the quarter, compared to analyst estimates of $12.60 billion. During the same quarter in the previous year, the company posted $3.62 EPS. Royal Bank Of Canada's revenue for the quarter was up 4.4% on a year-over-year basis. As a group, sell-side analysts forecast that Royal Bank Of Canada will post 11.56 EPS for the current year.

Royal Bank Of Canada Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Thursday, April 23rd will be paid a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Thursday, April 23rd. Royal Bank Of Canada's payout ratio is 45.17%.

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.

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