Ethic Inc. Buys 6,111 Shares of Royal Bank Of Canada $RY

Key Points

• Ethic Inc. increased its Royal Bank of Canada stake by 24.5% in the third quarter, adding 6,111 shares to hold 31,080 shares valued at about $6.11 million.
• RBC reported quarterly earnings of $3.07 per share, beating the $2.89 consensus estimate, and revenue of $13.22 billion, also above expectations.
• The bank declared a quarterly dividend of C$1.76 per share, equivalent to a 3.5% annualized yield. Analysts’ consensus rating was “Moderate Buy,” with a $225 price target.

Ethic Inc. lifted its stake in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 24.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 31,080 shares of the financial services provider's stock after acquiring an additional 6,111 shares during the period. Ethic Inc.'s holdings in Royal Bank Of Canada were worth $6,110,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of Nova Scotia purchased a new stake in shares of Royal Bank Of Canada in the 2nd quarter valued at approximately $2,549,157,000. The Manufacturers Life Insurance Company raised its position in shares of Royal Bank Of Canada by 2.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 12,130,512 shares of the financial services provider's stock valued at $1,959,185,000 after buying an additional 250,859 shares during the period. Canada Pension Plan Investment Board purchased a new stake in shares of Royal Bank Of Canada during the 2nd quarter valued at approximately $2,275,797,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Royal Bank Of Canada in the second quarter valued at approximately $2,260,820,000. Finally, Legal & General Group Plc acquired a new position in Royal Bank Of Canada in the second quarter valued at approximately $1,645,758,000. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank Of Canada Stock Performance

NYSE:RY opened at $204.01 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $282.36 billion, a P/E ratio of 18.07, a PEG ratio of 1.74 and a beta of 0.79. The company has a 50 day moving average price of $201.45 and a 200 day moving average price of $190.20. Royal Bank Of Canada has a fifty-two week low of $144.56 and a fifty-two week high of $218.57.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its earnings results on Thursday, August 27th. The financial services provider reported $3.07 earnings per share for the quarter, beating the consensus estimate of $2.89 by $0.18. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. The firm had revenue of $13.22 billion during the quarter, compared to the consensus estimate of $12.98 billion. Equities research analysts forecast that Royal Bank Of Canada will post 11.83 EPS for the current year.

Royal Bank Of Canada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Monday, October 26th will be paid a C$1.76 dividend. The ex-dividend date of this dividend is Monday, October 26th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.5%. Royal Bank Of Canada's payout ratio is presently 43.31%.

Wall Street Analyst Weigh In

RY has been the subject of several analyst reports. Scotiabank reiterated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Friday, August 28th. Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a research report on Friday, August 21st. Keefe, Bruyette & Woods initiated coverage on Royal Bank Of Canada in a report on Friday, August 21st. They set a "market perform" rating for the company. TD Securities reissued a "buy" rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. Finally, Weiss Ratings reissued a "buy (a-)" rating on shares of Royal Bank Of Canada in a research report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $225.00.

About Royal Bank Of Canada

Royal Bank of Canada (RBC) is a diversified financial services company founded in 1864 and headquartered in Toronto, Ontario. It provides personal and commercial banking, wealth management, insurance, investor and treasury services, and capital markets services to individuals, businesses, institutions, and governments.

In Canada, RBC offers banking products such as deposit accounts, loans, mortgages, credit cards, and financial advice. Its wealth management and insurance businesses provide investment, advisory, and protection services, while its capital markets operations serve corporate and institutional clients.

RBC serves customers primarily in Canada and the United States, with additional operations and clients in international markets.

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