Burgundy Asset Management Ltd. Cuts Stock Holdings in Royal Bank Of Canada (NYSE:RY)

Key Points

• Burgundy Asset Management Ltd. has reduced its stake in Royal Bank Of Canada by 1.0%, now owning 642,238 shares, worth $72.4 million after selling 6,627 shares in the first quarter.
• Royal Bank Of Canada experienced a decrease in earnings per share for the last quarter, reporting $2.20, which was below analyst expectations of $2.25.
• The bank announced an increase in its quarterly dividend to $1.1152 per share, up from $1.03, reflecting a dividend yield of 3.3% and a payout ratio of 50.22%.

Burgundy Asset Management Ltd. reduced its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 1.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 642,238 shares of the financial services provider's stock after selling 6,627 shares during the period. Burgundy Asset Management Ltd.'s holdings in Royal Bank Of Canada were worth $72,417,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Algert Global LLC boosted its holdings in shares of Royal Bank Of Canada by 8.4% during the 1st quarter. Algert Global LLC now owns 6,451 shares of the financial services provider's stock worth $728,000 after purchasing an additional 500 shares during the last quarter. Corient IA LLC acquired a new position in shares of Royal Bank Of Canada during the 1st quarter worth approximately $338,000. Northwest & Ethical Investments L.P. boosted its holdings in shares of Royal Bank Of Canada by 17.1% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 508,296 shares of the financial services provider's stock worth $57,291,000 after purchasing an additional 74,112 shares during the last quarter. Raymond James Financial Inc. boosted its holdings in shares of Royal Bank Of Canada by 1.3% during the 1st quarter. Raymond James Financial Inc. now owns 504,807 shares of the financial services provider's stock worth $56,902,000 after purchasing an additional 6,640 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of Royal Bank Of Canada by 7.2% during the 1st quarter. American Century Companies Inc. now owns 241,196 shares of the financial services provider's stock worth $27,169,000 after purchasing an additional 16,265 shares during the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RY has been the topic of several recent research reports. National Bankshares restated a "sector perform" rating on shares of Royal Bank Of Canada in a report on Friday. National Bank Financial cut Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. CIBC reiterated an "outperform" rating on shares of Royal Bank Of Canada in a report on Tuesday, May 20th. Wall Street Zen cut Royal Bank Of Canada from a "hold" rating to a "sell" rating in a report on Saturday, May 31st. Finally, Scotiabank assumed coverage on Royal Bank Of Canada in a research report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Royal Bank Of Canada has an average rating of "Moderate Buy" and an average target price of $193.00.

Royal Bank Of Canada Stock Down 0.1%

Shares of NYSE RY opened at $136.47 on Friday. The firm has a market cap of $191.85 billion, a price-to-earnings ratio of 15.16, a PEG ratio of 1.55 and a beta of 0.89. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11. Royal Bank Of Canada has a 52-week low of $106.10 and a 52-week high of $137.25. The business's 50 day moving average is $131.01 and its two-hundred day moving average is $122.78.

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

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, July 24th will be given a dividend of $1.1152 per share. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.03. This represents a $4.46 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Thursday, July 24th. Royal Bank Of Canada's dividend payout ratio is currently 50.22%.

About Royal Bank Of Canada

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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