Hennessy Advisors Inc. Has $5.12 Million Stock Position in Royal Bank of Canada (NYSE:RY)

Hennessy Advisors Inc. cut its position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 8.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,400 shares of the financial services provider's stock after selling 4,200 shares during the quarter. Hennessy Advisors Inc.'s holdings in Royal Bank of Canada were worth $5,117,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Park Square Financial Group LLC bought a new position in Royal Bank of Canada during the fourth quarter worth about $25,000. WealthTrak Capital Management LLC bought a new position in Royal Bank of Canada during the fourth quarter worth about $28,000. Roxbury Financial LLC bought a new position in Royal Bank of Canada during the fourth quarter worth about $29,000. Optiver Holding B.V. bought a new position in Royal Bank of Canada during the fourth quarter worth about $35,000. Finally, Transce3nd LLC bought a new position in Royal Bank of Canada during the fourth quarter worth about $37,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Trading Down 0.8%

RY traded down $1.02 during trading on Friday, reaching $127.80. 783,785 shares of the company's stock were exchanged, compared to its average volume of 1,142,789. The company's fifty day moving average price is $121.79 and its 200-day moving average price is $119.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. Royal Bank of Canada has a fifty-two week low of $102.52 and a fifty-two week high of $129.46. The firm has a market capitalization of $180.27 billion, a PE ratio of 15.47, a P/E/G ratio of 1.80 and a beta of 0.89.

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY last released its earnings results on Thursday, May 29th. The financial services provider reported $2.20 EPS for the quarter, missing analysts' consensus estimates of $2.25 by ($0.05). Royal Bank of Canada had a return on equity of 15.26% and a net margin of 12.08%. The business had revenue of $11.38 billion for the quarter, compared to analyst estimates of $15.77 billion. During the same period in the prior year, the firm posted $2.92 EPS. Royal Bank of Canada's revenue was up 10.7% on a year-over-year basis. As a group, equities analysts forecast 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 issued a dividend of $1.1152 per share. This represents a $4.46 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date of this dividend is Thursday, July 24th. This is a positive change from Royal Bank of Canada's previous quarterly dividend of $1.03. Royal Bank of Canada's payout ratio is currently 49.78%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. CIBC restated an "outperform" rating on shares of Royal Bank of Canada in a research note on Tuesday, May 20th. Wall Street Zen lowered shares of Royal Bank of Canada from a "hold" rating to a "sell" rating in a report on Saturday, May 31st. Scotiabank assumed coverage on shares of Royal Bank of Canada in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Barclays reissued an "overweight" rating on shares of Royal Bank of Canada in a report on Monday, June 9th. Finally, Cibc World Mkts raised shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $193.00.

About Royal Bank of Canada

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.