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GQG Partners LLC Sells 5,793,708 Shares of Royal Bank Of Canada (NYSE:RY)

Royal Bank Of Canada logo with Finance background

Key Points

  • GQG Partners LLC has significantly reduced its stake in the Royal Bank of Canada by selling 5,793,708 shares, now holding only 3,059 shares after the sale.
  • The Royal Bank of Canada is set to pay a quarterly dividend of $1.1152 on August 22nd, increased from the previous dividend of $1.03, resulting in a 3.3% dividend yield.
  • Analysts have mixed views on Royal Bank of Canada, with ratings ranging from sell to strong buy and a current average target price of $193.00.
  • Looking to export and analyze Royal Bank Of Canada data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

GQG Partners LLC trimmed its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 99.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,059 shares of the financial services provider's stock after selling 5,793,708 shares during the period. GQG Partners LLC's holdings in Royal Bank Of Canada were worth $345,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in Royal Bank Of Canada in the 1st quarter worth approximately $32,000. Gulf International Bank UK Ltd raised its position in Royal Bank Of Canada by 2,614.0% in the 1st quarter. Gulf International Bank UK Ltd now owns 81,340 shares of the financial services provider's stock worth $9,169,000 after purchasing an additional 78,343 shares during the period. HighTower Advisors LLC raised its position in Royal Bank Of Canada by 4.4% in the 1st quarter. HighTower Advisors LLC now owns 106,672 shares of the financial services provider's stock worth $12,024,000 after purchasing an additional 4,456 shares during the period. AGF Management Ltd. raised its position in Royal Bank Of Canada by 15.8% in the 1st quarter. AGF Management Ltd. now owns 2,581,744 shares of the financial services provider's stock worth $291,014,000 after purchasing an additional 351,298 shares during the period. Finally, Public Sector Pension Investment Board raised its position in Royal Bank Of Canada by 0.5% in the 1st quarter. Public Sector Pension Investment Board now owns 136,520 shares of the financial services provider's stock worth $15,376,000 after purchasing an additional 700 shares during the period. 45.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Read Our Latest Report on Royal Bank Of Canada

Royal Bank Of Canada Stock Performance

Shares of NYSE RY opened at $134.74 on Wednesday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market cap of $189.42 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.53 and a beta of 0.89. The firm's fifty day moving average is $130.47 and its two-hundred day moving average is $122.49. Royal Bank Of Canada has a 52-week low of $106.10 and a 52-week high of $135.09.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its quarterly earnings results on Thursday, May 29th. The financial services provider reported $2.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.25 by ($0.05). The company had revenue of $11.38 billion during the quarter, compared to the consensus estimate of $15.77 billion. Royal Bank Of Canada had a net margin of 13.37% and a return on equity of 15.75%. The business's revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.92 earnings per share. As a group, analysts anticipate that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The firm also recently disclosed 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. This represents a $4.46 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Thursday, July 24th. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.03. Royal Bank Of Canada's dividend payout ratio is 50.33%.

About Royal Bank Of Canada

(Free Report)

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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Institutional Ownership by Quarter for Royal Bank Of Canada (NYSE:RY)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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