Ferguson Wellman Capital Management Inc. Acquires Shares of 6,216 Royal Bank Of Canada $RY

Key Points

• Ferguson Wellman Capital Management initiated a new position in Royal Bank of Canada, buying 6,216 shares valued at about $1.0 million in the first quarter.
• Royal Bank of Canada reported better-than-expected quarterly earnings of $2.84 per share on revenue of $12.84 billion, and analysts now expect full-year EPS of 11.45.
• The bank also raised its quarterly dividend to $1.76 per share from $1.64, bringing the annualized payout to $7.04 and the yield to about 3.3%.

Ferguson Wellman Capital Management Inc. bought a new position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 6,216 shares of the financial services provider's stock, valued at approximately $1,006,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. HighTower Advisors LLC grew its stake in Royal Bank Of Canada by 18.5% in the 4th quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider's stock valued at $16,407,000 after purchasing an additional 15,046 shares during the period. Fisher Asset Management LLC raised its stake in shares of Royal Bank Of Canada by 6.1% during the 4th quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider's stock worth $1,086,601,000 after purchasing an additional 368,534 shares during the period. Rathbones Group PLC raised its stake in shares of Royal Bank Of Canada by 9.0% during the 4th quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider's stock worth $55,480,000 after purchasing an additional 26,782 shares during the period. Indivisible Partners purchased a new position in shares of Royal Bank Of Canada in the 4th quarter worth about $7,335,000. Finally, MUFG Securities EMEA plc purchased a new position in shares of Royal Bank Of Canada in the 4th quarter worth about $49,450,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Stock Down 0.0%

Shares of NYSE RY opened at $211.08 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. The company has a market cap of $293.34 billion, a P/E ratio of 18.96, a P/E/G ratio of 1.67 and a beta of 0.80. Royal Bank Of Canada has a 52 week low of $127.38 and a 52 week high of $211.39. The business has a 50-day simple moving average of $194.71 and a two-hundred day simple moving average of $177.97.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The firm had revenue of $12.84 billion for the quarter, compared to analysts' expectations of $12.74 billion. During the same period in the prior year, the business posted $3.12 earnings per share. The company's revenue was up 11.4% on a year-over-year basis. Research analysts anticipate that Royal Bank Of Canada will post 11.45 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be paid a dividend of $1.76 per share. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.64. This represents a $7.04 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, July 27th. Royal Bank Of Canada's dividend payout ratio is presently 44.47%.

Analyst Ratings Changes

A number of research firms recently issued reports on RY. Raymond James Financial downgraded shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 12th. TD Securities reiterated a "buy" rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Royal Bank Of Canada presently has an average rating of "Moderate Buy" and a consensus target price of $225.00.

Royal Bank Of Canada Company 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.

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