Carnegie Investment Counsel Takes Position in Royal Bank Of Canada (NYSE:RY)

Key Points

• Carnegie Investment Counsel has acquired a new stake in the Royal Bank of Canada, purchasing 4,158 shares valued at approximately $454,000 during the first quarter.
• Royal Bank of Canada reported earnings of $2.20 per share for the last quarter, which was below analysts' expectations of $2.25 per share, with a revenue of $11.38 billion compared to an estimate of $15.77 billion.
• The bank has announced an increase in its quarterly dividend to $1.1152 per share, representing a 3.38% dividend yield, set to be paid on August 22nd.

Carnegie Investment Counsel acquired a new stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,158 shares of the financial services provider's stock, valued at approximately $454,000.

Other large investors have also modified their holdings of the company. SBI Securities Co. Ltd. grew its stake in shares of Royal Bank Of Canada by 13.0% in the 1st quarter. SBI Securities Co. Ltd. now owns 729 shares of the financial services provider's stock valued at $82,000 after purchasing an additional 84 shares during the last quarter. Ruggaard & Associates LLC grew its stake in shares of Royal Bank Of Canada by 1.8% in the 4th quarter. Ruggaard & Associates LLC now owns 4,685 shares of the financial services provider's stock valued at $565,000 after purchasing an additional 85 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Royal Bank Of Canada by 3.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,860 shares of the financial services provider's stock valued at $345,000 after purchasing an additional 90 shares during the last quarter. Sivia Capital Partners LLC grew its stake in shares of Royal Bank Of Canada by 2.8% in the 1st quarter. Sivia Capital Partners LLC now owns 3,350 shares of the financial services provider's stock valued at $378,000 after purchasing an additional 91 shares during the last quarter. Finally, Csenge Advisory Group grew its stake in shares of Royal Bank Of Canada by 4.3% in the 1st quarter. Csenge Advisory Group now owns 2,197 shares of the financial services provider's stock valued at $255,000 after purchasing an additional 91 shares during the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank Of Canada Stock Performance

RY opened at $132.05 on Friday. The stock has a market cap of $186.26 billion, a P/E ratio of 14.67, a P/E/G ratio of 1.51 and a beta of 0.89. 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 stock's 50 day simple moving average is $129.56 and its 200 day simple moving average is $121.61. Royal Bank Of Canada has a 1-year low of $102.89 and a 1-year high of $134.26.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings results 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). The firm had revenue of $11.38 billion during the quarter, compared to analyst estimates 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 was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.92 EPS. As a group, equities analysts anticipate that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors 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 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Thursday, July 24th. Royal Bank Of Canada's payout ratio is currently 50.33%.

Wall Street Analyst Weigh In

RY has been the topic of several analyst reports. Cibc World Mkts upgraded Royal Bank Of Canada from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 3rd. Barclays reissued an "overweight" rating on shares of Royal Bank Of Canada in a research note on Monday, June 9th. 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. CIBC reiterated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Tuesday, May 20th. Finally, National Bank Financial cut Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average 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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