Hillsdale Investment Management Inc. Has $172.18 Million Stake in Royal Bank Of Canada $RY

Key Points

• Hillsdale Investment Management increased its stake in Royal Bank of Canada by 10.3% in Q1, bringing its holdings to 1,065,340 shares valued at about $172.2 million. The position now makes up roughly 4.7% of Hillsdale’s portfolio and is its largest holding.
• Royal Bank of Canada reported better-than-expected quarterly results, with EPS of $2.84 versus $2.81 expected and revenue of $12.84 billion versus $12.74 billion expected. Revenue rose 11.4% year over year, 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, equal to an annualized payout of $7.04 and a yield of 3.3%. Wall Street remains generally constructive, with a consensus rating of Moderate Buy and a target price of $225.

Hillsdale Investment Management Inc. raised its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 10.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,065,340 shares of the financial services provider's stock after purchasing an additional 99,583 shares during the quarter. Royal Bank Of Canada accounts for approximately 4.7% of Hillsdale Investment Management Inc.'s investment portfolio, making the stock its biggest position. Hillsdale Investment Management Inc. owned about 0.08% of Royal Bank Of Canada worth $172,177,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Harvest Fund Management Co. Ltd acquired a new stake in Royal Bank Of Canada in the fourth quarter valued at about $25,000. Tradewinds Capital Management LLC acquired a new position in Royal Bank Of Canada during the fourth quarter worth about $26,000. Key Financial Inc raised its stake in 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 acquiring an additional 63 shares in the last quarter. Johnson Financial Group Inc. bought a new position in shares of Royal Bank Of Canada in the third quarter worth about $27,000. Finally, Maseco LLP lifted its holdings 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 acquiring an additional 142 shares during the last quarter. Institutional investors own 45.31% of the company's stock.

Wall Street Analysts Forecast Growth

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

Royal Bank Of Canada Trading Down 0.2%

RY opened at $210.62 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82. Royal Bank Of Canada has a fifty-two week low of $127.38 and a fifty-two week high of $212.36. The company's 50 day moving average price is $195.32 and its two-hundred day moving average price is $178.25. The firm has a market capitalization of $292.71 billion, a price-to-earnings ratio of 18.92, a PEG ratio of 1.67 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.81 by $0.03. The firm had revenue of $12.84 billion during 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%. The company's revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.12 earnings per share. As a group, research analysts predict that Royal Bank Of Canada will post 11.45 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be given a dividend of $1.76 per share. The ex-dividend date of this dividend is Monday, July 27th. This represents a $7.04 annualized dividend and a yield of 3.3%. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.64. Royal Bank Of Canada's dividend payout ratio is 42.41%.

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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