Hsbc Holdings PLC Sells 1,756,271 Shares of Royal Bank Of Canada $RY

Key Points

• HSBC Holdings PLC sharply reduced its Royal Bank of Canada stake in Q4, selling 1.76 million shares and cutting its position by 93.4% to 124,824 shares worth about $21.35 million.
• Royal Bank of Canada recently beat quarterly earnings expectations, reporting $2.84 EPS on revenue of $12.84 billion, with revenue up 11.4% year over year.
• The bank also raised its quarterly dividend to $1.76 per share, or $7.04 annualized, for a yield of 3.4%, while analysts remain broadly positive with a Moderate Buy rating and a $225 average price target.

Hsbc Holdings PLC cut its holdings in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 93.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 124,824 shares of the financial services provider's stock after selling 1,756,271 shares during the period. Hsbc Holdings PLC's holdings in Royal Bank Of Canada were worth $21,352,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Florida Trust Wealth Management Co increased its stake in shares of Royal Bank Of Canada by 2.8% in the 4th quarter. Florida Trust Wealth Management Co now owns 2,190 shares of the financial services provider's stock valued at $373,000 after purchasing an additional 60 shares during the last quarter. Fiduciary Financial Group LLC raised its holdings in shares of Royal Bank Of Canada by 3.4% during the 4th quarter. Fiduciary Financial Group LLC now owns 1,879 shares of the financial services provider's stock worth $320,000 after buying an additional 61 shares in the last quarter. Alta Capital Management LLC lifted its position in shares of Royal Bank Of Canada by 4.0% during the 4th quarter. Alta Capital Management LLC now owns 1,686 shares of the financial services provider's stock worth $287,000 after buying an additional 65 shares during the last quarter. Burney Co. lifted its position in shares of Royal Bank Of Canada by 1.7% during the 4th quarter. Burney Co. now owns 4,425 shares of the financial services provider's stock worth $754,000 after buying an additional 76 shares during the last quarter. Finally, Ballentine Partners LLC boosted its stake in Royal Bank Of Canada by 1.6% in the fourth quarter. Ballentine Partners LLC now owns 5,233 shares of the financial services provider's stock valued at $892,000 after buying an additional 80 shares in the last quarter. Institutional investors and hedge funds own 45.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on RY shares. Scotiabank reiterated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Weiss Ratings cut shares of Royal Bank Of Canada from a "buy (a-)" rating to a "buy (b+)" rating in a report on Monday, June 29th. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Argus set a $225.00 price objective on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. Finally, Raymond James Financial downgraded shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 12th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $225.00.

Royal Bank Of Canada Price Performance

Shares of RY opened at $209.19 on Wednesday. Royal Bank Of Canada has a 12-month low of $127.38 and a 12-month high of $209.64. The business has a 50-day simple moving average of $192.78 and a two-hundred day simple moving average of $177.13. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. The stock has a market cap of $290.72 billion, a PE ratio of 18.80, a PEG ratio of 1.65 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, beating analysts' consensus estimates of $2.81 by $0.03. The firm had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The business's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period last year, the firm posted $3.12 earnings per share. Analysts anticipate that Royal Bank Of Canada will post 11.45 earnings per share 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. Investors of record on Monday, July 27th will be given a dividend of $1.76 per share. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a yield of 3.4%. This is a boost 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 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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