Global Retirement Partners LLC Takes $2.33 Million Position in Royal Bank Of Canada $RY

Key Points

• Global Retirement Partners LLC acquired 11,249 shares of Royal Bank of Canada worth approximately $2.33 million, while institutional investors collectively own 45.31% of the company.
• Royal Bank of Canada exceeded quarterly expectations with $2.84 in EPS and $12.84 billion in revenue, representing 11.4% year-over-year growth.
• The bank increased its quarterly dividend to $1.76 per share, or $7.04 annualized, giving the stock a 3.2% yield. Analysts maintain a “Moderate Buy” consensus with a $225 average price target.

Global Retirement Partners LLC acquired a new stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY in the second quarter, according to its most recent filing with the SEC. The fund acquired 11,249 shares of the financial services provider's stock, valued at approximately $2,328,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Harvest Fund Management Co. Ltd purchased a new position in shares of Royal Bank Of Canada during the fourth quarter worth approximately $25,000. Key Financial Inc boosted its holdings in shares of Royal Bank Of Canada by 63.0% during the first quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock worth $26,000 after purchasing an additional 63 shares during the period. Maseco LLP grew its stake in shares of Royal Bank Of Canada by 355.0% in the first quarter. Maseco LLP now owns 182 shares of the financial services provider's stock worth $29,000 after purchasing an additional 142 shares during the last quarter. Johnson Financial Group Inc. purchased a new position in Royal Bank Of Canada during the 3rd quarter valued at about $27,000. Finally, Cornerstone Planning Group LLC raised its position in Royal Bank Of Canada by 55.3% during the 4th quarter. Cornerstone Planning Group LLC now owns 247 shares of the financial services provider's stock valued at $41,000 after purchasing an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Price Performance

Shares of NYSE:RY opened at $216.67 on Monday. The business has a fifty day moving average price of $207.42 and a 200-day moving average price of $185.32. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $300.44 billion, a PE ratio of 19.47, a PEG ratio of 1.71 and a beta of 0.80. Royal Bank Of Canada has a 1-year low of $135.92 and a 1-year high of $218.57.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, beating the consensus estimate of $2.81 by $0.03. The company had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. Royal Bank Of Canada's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm posted $3.12 EPS. As a group, equities analysts expect that Royal Bank Of Canada will post 11.47 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be issued a $1.76 dividend. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, July 27th. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.64. Royal Bank Of Canada's dividend payout ratio is 44.56%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RY. TD Securities reissued a "buy" rating on shares of Royal Bank Of Canada in a research note on Wednesday. Weiss Ratings raised shares of Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, July 29th. Raymond James Financial cut shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 12th. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. Finally, Scotiabank reissued an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $225.00.

About Royal Bank Of Canada

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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