Cumberland Partners Ltd Decreases Stock Holdings in Royal Bank Of Canada (NYSE:RY)

Key Points

• Cumberland Partners Ltd has reduced its stake in the Royal Bank of Canada by 3.3%, now owning 395,548 shares worth approximately $44.57 million, making it the firm's 7th largest holding.
• Several hedge funds have recently adjusted their positions in Royal Bank of Canada, including PNC Financial Services, which increased its stake by 4% in the first quarter.
• The Royal Bank of Canada has announced an increase in its quarterly dividend to $1.1152 per share, representing a 3.5% yield and reflecting a dividend payout ratio of 50.33%.

Cumberland Partners Ltd lowered its stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 3.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 395,548 shares of the financial services provider's stock after selling 13,612 shares during the period. Royal Bank Of Canada makes up 3.4% of Cumberland Partners Ltd's holdings, making the stock its 7th biggest holding. Cumberland Partners Ltd's holdings in Royal Bank Of Canada were worth $44,568,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. PNC Financial Services Group Inc. boosted its stake in Royal Bank Of Canada by 4.0% in the first quarter. PNC Financial Services Group Inc. now owns 86,847 shares of the financial services provider's stock valued at $9,789,000 after buying an additional 3,358 shares in the last quarter. Fiduciary Wealth Partners LLC acquired a new stake in Royal Bank Of Canada in the first quarter valued at about $236,000. TIAA Trust National Association boosted its stake in Royal Bank Of Canada by 2.7% in the first quarter. TIAA Trust National Association now owns 11,768 shares of the financial services provider's stock valued at $1,326,000 after buying an additional 310 shares in the last quarter. Alberta Investment Management Corp boosted its stake in Royal Bank Of Canada by 1.7% in the first quarter. Alberta Investment Management Corp now owns 3,645,211 shares of the financial services provider's stock valued at $410,553,000 after buying an additional 61,394 shares in the last quarter. Finally, Cordatus Wealth Management LLC boosted its stake in Royal Bank Of Canada by 5.5% in the first quarter. Cordatus Wealth Management LLC now owns 5,053 shares of the financial services provider's stock valued at $570,000 after buying an additional 262 shares in the last quarter. Institutional investors own 45.31% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on RY. CIBC reissued an "outperform" rating on shares of Royal Bank Of Canada in a research note on Tuesday, May 20th. Wall Street Zen lowered Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research note on Saturday, May 31st. Scotiabank began coverage on Royal Bank Of Canada in a research note on Thursday, May 15th. They set a "sector outperform" rating on the stock. National Bank Financial lowered Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Finally, Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a research note on Monday, June 9th. 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 given a strong buy rating to the company's stock. Based on data from MarketBeat, Royal Bank Of Canada has an average rating of "Moderate Buy" and a consensus target price of $193.00.

Royal Bank Of Canada Price Performance

Royal Bank Of Canada stock opened at $128.64 on Friday. The firm has a market cap of $180.84 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.47 and a beta of 0.89. The stock's 50 day moving average is $129.81 and its 200 day moving average is $121.94. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.82 and a quick ratio of 0.82. Royal Bank Of Canada has a one year low of $102.89 and a one year high of $134.26.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its 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 business had revenue of $11.38 billion during 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 company's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.92 earnings per share. As a group, research analysts expect that Royal Bank Of Canada will post 9.16 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, July 24th will be issued a $1.1152 dividend. The ex-dividend date is Thursday, July 24th. 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 yield of 3.5%. Royal Bank Of Canada's dividend payout ratio is presently 50.33%.

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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