Hsbc Holdings PLC Sells 5,120 Shares of Royal Bank Of Canada $RY

Key Points

• HSBC Holdings PLC reduced its stake in Royal Bank of Canada by 4.1% in the first quarter, selling 5,120 shares and leaving it with 119,704 shares valued at about $19.3 million.
• Royal Bank of Canada reported better-than-expected quarterly earnings of $2.84 per share on revenue of $12.84 billion, with revenue rising 11.4% year over year.
• The bank also raised its quarterly dividend to $1.76 per share from $1.64, implying an annualized yield of about 3.3%.

Hsbc Holdings PLC lessened its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 4.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 119,704 shares of the financial services provider's stock after selling 5,120 shares during the period. Hsbc Holdings PLC's holdings in Royal Bank Of Canada were worth $19,306,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RY. Harvest Fund Management Co. Ltd bought a new stake in Royal Bank Of Canada during the fourth quarter worth $25,000. Tradewinds Capital Management LLC purchased a new position in shares of Royal Bank Of Canada in the 4th quarter worth about $26,000. Key Financial Inc boosted its holdings in shares of Royal Bank Of Canada by 63.0% in the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock worth $26,000 after buying an additional 63 shares during the last quarter. Johnson Financial Group Inc. bought a new position in Royal Bank Of Canada during the third quarter valued at about $27,000. Finally, Maseco LLP grew its position in Royal Bank Of Canada by 355.0% during the first quarter. Maseco LLP now owns 182 shares of the financial services provider's stock valued at $29,000 after buying an additional 142 shares during the period. 45.31% of the stock is owned by institutional investors.

Royal Bank Of Canada Stock Up 0.3%

Royal Bank Of Canada stock opened at $210.99 on Wednesday. The firm has a 50 day simple moving average of $199.29 and a 200 day simple moving average of $180.06. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. Royal Bank Of Canada has a 1-year low of $127.38 and a 1-year high of $218.57. The firm has a market capitalization of $292.56 billion, a price-to-earnings ratio of 18.96, a P/E/G ratio of 1.67 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The firm had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. During the same quarter in the prior year, the business posted $3.12 earnings per share. The business's quarterly revenue was up 11.4% on a year-over-year basis. On average, 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 disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be issued a dividend of $1.76 per share. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a yield of 3.3%. Royal Bank Of Canada's payout ratio is currently 44.47%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Weiss Ratings downgraded Royal Bank Of Canada from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Monday, June 29th. Raymond James Financial lowered Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 12th. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Finally, Argus set a $225.00 price target on Royal Bank Of Canada in a research report on Thursday, June 11th. Ten investment 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 company presently has an average rating of "Moderate Buy" and a consensus target price of $225.00.

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.

Want to see what other hedge funds are holding RY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.