Commerce Bank Takes Position in Royal Bank Of Canada $RY

Key Points

• Commerce Bank acquired 13,413 shares of Royal Bank of Canada in the second quarter, valued at approximately $2.8 million. Institutional investors and hedge funds collectively own 45.31% of the company.
• Royal Bank of Canada exceeded quarterly expectations, reporting $2.84 in EPS and $12.84 billion in revenue, with revenue up 11.4% year over year.
• The bank raised its quarterly dividend to $1.76 per share, or $7.04 annually, representing a 3.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $225.

Commerce Bank 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 Securities and Exchange Commission (SEC). The fund bought 13,413 shares of the financial services provider's stock, valued at approximately $2,776,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd acquired a new stake in Royal Bank Of Canada during the fourth quarter worth approximately $25,000. Key Financial Inc lifted its position in shares of Royal Bank Of Canada by 63.0% during the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock worth $26,000 after buying an additional 63 shares during the last quarter. Johnson Financial Group Inc. acquired a new position in shares of Royal Bank Of Canada in the 3rd quarter valued at $27,000. BOK Financial Private Wealth Inc. acquired a new position in shares of Royal Bank Of Canada in the 2nd quarter valued at $28,000. Finally, Maseco LLP grew its position in shares of Royal Bank Of Canada by 355.0% in the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider's stock valued at $29,000 after buying an additional 142 shares during the last quarter. 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 $203.99 on Tuesday. The firm's fifty day simple moving average is $208.67 and its 200-day simple moving average is $187.02. Royal Bank Of Canada has a 12 month low of $136.10 and a 12 month high of $218.57. The stock has a market capitalization of $282.85 billion, a price-to-earnings ratio of 18.33, a PEG ratio of 1.54 and a beta of 0.80. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $2.81 by $0.03. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The firm had revenue of $12.84 billion during the quarter, compared to analysts' expectations of $12.74 billion. During the same quarter in the prior year, the business earned $3.12 EPS. Royal Bank Of Canada's quarterly revenue was up 11.4% compared to the same quarter last year. As a group, equities analysts forecast that Royal Bank Of Canada will post 11.59 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, July 27th were issued a $1.76 dividend. The ex-dividend date of this dividend was Monday, July 27th. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.5%. Royal Bank Of Canada's dividend payout ratio is currently 44.56%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on RY shares. Keefe, Bruyette & Woods initiated coverage on shares of Royal Bank Of Canada in a research note on Friday. They set a "market perform" rating on the stock. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a report on Friday. Weiss Ratings upgraded Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, July 29th. TD Securities reissued a "buy" rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. Finally, Raymond James Financial cut Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Royal Bank Of Canada has an average rating of "Moderate Buy" and an average target price 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.

Want to see what other hedge funds are holding RY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source