BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Buys 123,582 Shares of Royal Bank Of Canada $RY

Key Points

• British Columbia Investment Management Corp increased its stake in Royal Bank of Canada by 4.5%, acquiring an additional 123,582 shares, bringing its total ownership to approximately 2,886,014 shares worth $325.1 million.
• Royal Bank of Canada announced a quarterly dividend increase to $1.1152 per share, resulting in an annualized payout of $4.46 and a yield of 3.2%.
• The bank's second-quarter earnings report revealed an EPS of $2.20, missing consensus estimates of $2.25, while revenue reached $11.38 billion but fell short of the expected $15.77 billion.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 4.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,886,014 shares of the financial services provider's stock after buying an additional 123,582 shares during the quarter. Royal Bank Of Canada makes up approximately 2.0% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's portfolio, making the stock its 7th biggest position. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.20% of Royal Bank Of Canada worth $325,146,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Goldman Sachs Group Inc. lifted its stake in shares of Royal Bank Of Canada by 129.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 7,063,761 shares of the financial services provider's stock valued at $796,227,000 after purchasing an additional 3,990,839 shares during the period. Vanguard Group Inc. lifted its stake in shares of Royal Bank Of Canada by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 62,571,520 shares of the financial services provider's stock valued at $7,048,307,000 after purchasing an additional 3,387,971 shares during the period. Bank of Nova Scotia lifted its stake in shares of Royal Bank Of Canada by 8.0% in the 1st quarter. Bank of Nova Scotia now owns 16,802,214 shares of the financial services provider's stock valued at $1,892,975,000 after purchasing an additional 1,249,589 shares during the period. Nuveen LLC acquired a new position in shares of Royal Bank Of Canada in the 1st quarter valued at about $114,327,000. Finally, Ameriprise Financial Inc. lifted its stake in shares of Royal Bank Of Canada by 299.7% in the 1st quarter. Ameriprise Financial Inc. now owns 841,497 shares of the financial services provider's stock valued at $99,930,000 after purchasing an additional 630,969 shares during the period. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank Of Canada Stock Performance

Shares of Royal Bank Of Canada stock opened at $137.8750 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.82 and a quick ratio of 0.82. The business has a 50-day simple moving average of $131.87 and a 200 day simple moving average of $123.31. The firm has a market capitalization of $193.75 billion, a price-to-earnings ratio of 15.32, a PEG ratio of 1.57 and a beta of 0.89. Royal Bank Of Canada has a one year low of $106.10 and a one year high of $138.34.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings data on Thursday, May 29th. The financial services provider reported $2.20 EPS for the quarter, missing analysts' consensus estimates of $2.25 by ($0.05). The company had revenue of $11.38 billion for the quarter, compared to the consensus estimate of $15.77 billion. Royal Bank Of Canada had a return on equity of 15.75% and a net margin of 13.37%.The business's revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.92 earnings per share. On average, research analysts anticipate that Royal Bank Of Canada will post 9.16 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Shareholders of record on Thursday, July 24th were issued a dividend of $1.1152 per share. The ex-dividend date of this dividend was Thursday, July 24th. This represents a $4.46 dividend on an annualized basis and a yield of 3.2%. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.03. Royal Bank Of Canada's dividend payout ratio is presently 50.22%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RY. CIBC reissued an "outperform" rating on shares of Royal Bank Of Canada in a research note on Tuesday, May 20th. Barclays reissued an "overweight" rating on shares of Royal Bank Of Canada in a research note on Thursday, August 14th. Wall Street Zen lowered Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research report on Saturday, May 31st. National Bankshares reaffirmed a "sector perform" rating on shares of Royal Bank Of Canada in a research report on Friday, August 15th. Finally, Scotiabank started coverage on Royal Bank Of Canada in a research report on Thursday, May 15th. They issued a "sector outperform" rating for the company. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $193.00.

Royal Bank Of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.

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