Beutel Goodman & Co Ltd. Sells 212,009 Shares of Royal Bank Of Canada $RY

Key Points

• Beutel Goodman cut its RBC stake by 9.7%, selling 212,009 shares in the third quarter; it retained 1,968,237 shares, valued at about $388 million.
• RBC reported quarterly EPS of $3.07, beating the $2.89 consensus, and revenue of $13.22 billion versus estimates of $12.98 billion.
• RBC declared a quarterly dividend of C$1.76 per share, equivalent to a 3.5% annualized yield. Analysts’ consensus rating was “Moderate Buy,” with a $225 price target.

Beutel Goodman & Co Ltd. decreased its holdings in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 9.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,968,237 shares of the financial services provider's stock after selling 212,009 shares during the period. Royal Bank Of Canada makes up about 3.1% of Beutel Goodman & Co Ltd.'s portfolio, making the stock its 3rd largest position. Beutel Goodman & Co Ltd. owned approximately 0.14% of Royal Bank Of Canada worth $388,088,000 at the end of the most recent quarter.

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

Royal Bank Of Canada Price Performance

RY opened at $204.01 on Tuesday. Royal Bank Of Canada has a 1 year low of $144.56 and a 1 year high of $218.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $282.36 billion, a price-to-earnings ratio of 17.85, a P/E/G ratio of 1.74 and a beta of 0.79. The firm's fifty day moving average price is $201.45 and its two-hundred day moving average price is $190.20.

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 EPS for the quarter, beating the consensus estimate of $2.89 by $0.18. The company had revenue of $13.22 billion during the quarter, compared to the consensus estimate of $12.98 billion. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. As a group, analysts anticipate that Royal Bank Of Canada will post 11.83 earnings per share for the current fiscal year.

Royal Bank Of Canada Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods started coverage on shares of Royal Bank Of Canada in a research report on Friday, August 21st. They issued a "market perform" rating on the stock. Weiss Ratings reissued a "buy (a-)" rating on shares of Royal Bank Of Canada in a report on Tuesday, October 27th. Scotiabank reissued an "outperform" rating on shares of Royal Bank Of Canada in a research note on Friday, August 28th. TD Securities restated a "buy" rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. Finally, Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a report on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $225.00.

About Royal Bank Of Canada

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.

RBC serves customers primarily in Canada and the United States, with additional operations and clients in international markets.

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