Bridgewater Advisors Inc. Makes New $1.80 Million Investment in Royal Bank Of Canada $RY

Key Points

• Bridgewater Advisors initiated a $1.80 million position in Royal Bank of Canada during the second quarter by purchasing 8,531 shares. Institutional investors and hedge funds collectively own 45.31% of the company.
• RBC reported quarterly earnings of $2.84 per share, exceeding estimates of $2.81, while revenue rose 11.4% year over year to $12.84 billion.
• The bank increased its quarterly dividend to $1.76 per share, or $7.04 annually, representing a 3.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $225.

Bridgewater Advisors Inc. bought a new position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 8,531 shares of the financial services provider's stock, valued at approximately $1,796,000.

Several other institutional investors have also bought and sold shares of RY. Norges Bank acquired a new position in Royal Bank Of Canada during the fourth quarter worth $3,472,382,000. Alberta Investment Management Corp bought a new position in shares of Royal Bank Of Canada during the fourth quarter valued at $324,237,000. Assenagon Asset Management S.A. boosted its stake in shares of Royal Bank Of Canada by 3,329.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,589,605 shares of the financial services provider's stock valued at $329,002,000 after purchasing an additional 1,543,260 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of 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 last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of 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 last quarter. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank Of Canada Trading Up 0.8%

Shares of RY opened at $216.67 on Friday. The stock's fifty day simple moving average is $207.42 and its 200-day simple moving average is $185.19. The firm has a market capitalization of $300.44 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 1.71 and a beta of 0.80. Royal Bank Of Canada has a 12-month low of $135.92 and a 12-month high of $218.57. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, beating analysts' consensus estimates of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.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 business posted $3.12 EPS. The firm's quarterly revenue was up 11.4% on a year-over-year basis. As a group, research analysts predict that Royal Bank Of Canada will post 11.47 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed 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. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, July 27th. Royal Bank Of Canada's dividend payout ratio is currently 44.56%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a report on Thursday, June 11th. Weiss Ratings raised shares of Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, July 29th. Raymond James Financial cut shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 12th. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Finally, TD Securities reaffirmed a "buy" rating on shares of Royal Bank Of Canada in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $225.00.

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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