Goldman Sachs Group Inc. Purchases 3,990,839 Shares of Royal Bank Of Canada (NYSE:RY)

Key Points

• Goldman Sachs increased its holdings in Royal Bank Of Canada by 129.9%, acquiring nearly 4 million additional shares, bringing its total ownership to approximately 7 million shares valued at $796 million.
• Royal Bank Of Canada announced a quarterly dividend of $1.1152 per share, a significant increase from its previous dividend of $1.03, representing an annualized yield of 3.4%.
• Despite reporting a quarterly EPS of $2.20 that fell short of the consensus estimate, the bank's revenue increased by 10.7% year-over-year, reaching $11.38 billion.

Goldman Sachs Group Inc. boosted its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 129.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,063,761 shares of the financial services provider's stock after purchasing an additional 3,990,839 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.50% of Royal Bank Of Canada worth $796,227,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Baskin Financial Services Inc. raised its holdings in shares of Royal Bank Of Canada by 5.0% during the 1st quarter. Baskin Financial Services Inc. now owns 62,855 shares of the financial services provider's stock worth $7,079,000 after acquiring an additional 3,006 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of Royal Bank Of Canada by 1.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 341,776 shares of the financial services provider's stock worth $38,525,000 after acquiring an additional 3,767 shares in the last quarter. Capital Investment Counsel Inc raised its holdings in shares of Royal Bank Of Canada by 24.4% during the 1st quarter. Capital Investment Counsel Inc now owns 10,146 shares of the financial services provider's stock worth $1,144,000 after acquiring an additional 1,989 shares in the last quarter. Unigestion Holding SA raised its holdings in shares of Royal Bank Of Canada by 48.7% during the 1st quarter. Unigestion Holding SA now owns 210,566 shares of the financial services provider's stock worth $23,705,000 after acquiring an additional 68,939 shares in the last quarter. Finally, Diversified Trust Co raised its holdings in shares of Royal Bank Of Canada by 68.1% during the 1st quarter. Diversified Trust Co now owns 79,642 shares of the financial services provider's stock worth $8,977,000 after acquiring an additional 32,255 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors.

Royal Bank Of Canada Trading Up 0.1%

NYSE:RY traded up $0.08 during midday trading on Friday, hitting $132.52. 1,848,626 shares of the company traded hands, compared to its average volume of 1,203,607. The firm's fifty day moving average is $130.22 and its 200-day moving average is $122.32. Royal Bank Of Canada has a 12-month low of $106.10 and a 12-month high of $134.26. The firm has a market capitalization of $186.30 billion, a P/E ratio of 14.72, a P/E/G ratio of 1.51 and a beta of 0.89. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings results on Thursday, May 29th. The financial services provider reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.25 by ($0.05). Royal Bank Of Canada had a net margin of 13.37% and a return on equity of 15.75%. The company had revenue of $11.38 billion for the quarter, compared to analysts' expectations of $15.77 billion. During the same quarter in the previous year, the company posted $2.92 EPS. The business's quarterly revenue was up 10.7% on a year-over-year basis. On average, sell-side analysts predict 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 paid a $1.1152 dividend. The ex-dividend date is Thursday, July 24th. This is a positive change 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 3.4%. Royal Bank Of Canada's payout ratio is 50.33%.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Wall Street Zen cut Royal Bank Of Canada from a "hold" rating to a "sell" rating in a report on Saturday, May 31st. National Bank Financial cut Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a report on Monday, June 9th. CIBC restated an "outperform" rating on shares of Royal Bank Of Canada in a report on Tuesday, May 20th. Finally, Scotiabank began coverage on Royal Bank Of Canada in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $193.00.

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.