Invesco Ltd. Sells 275,996 Shares of Royal Bank Of Canada (NYSE:RY)

Key Points

• Invesco Ltd. reduced its stake in Royal Bank Of Canada by 7.3%, selling 275,996 shares and now holds approximately 3.5 million shares valued at $396 million.
• Royal Bank Of Canada recently announced a quarterly dividend increase to $1.1152 per share, which will be paid on August 22nd, yielding 3.3% annually.
• Despite a missed EPS expectation, analysts maintain a "Moderate Buy" rating with an average target price of $193.00 for Royal Bank Of Canada stock.

Invesco Ltd. lowered its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 7.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,513,564 shares of the financial services provider's stock after selling 275,996 shares during the period. Invesco Ltd. owned approximately 0.25% of Royal Bank Of Canada worth $396,049,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in Royal Bank Of Canada by 4.4% in the first quarter. JPMorgan Chase & Co. now owns 6,458,212 shares of the financial services provider's stock worth $727,970,000 after purchasing an additional 271,531 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Royal Bank Of Canada by 2.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,431,721 shares of the financial services provider's stock worth $1,287,927,000 after purchasing an additional 319,270 shares during the last quarter. Townsquare Capital LLC lifted its stake in Royal Bank Of Canada by 4.4% in the first quarter. Townsquare Capital LLC now owns 23,043 shares of the financial services provider's stock worth $2,597,000 after purchasing an additional 961 shares during the last quarter. Founders Financial Alliance LLC lifted its stake in Royal Bank Of Canada by 3.2% in the first quarter. Founders Financial Alliance LLC now owns 9,876 shares of the financial services provider's stock worth $1,113,000 after purchasing an additional 307 shares during the last quarter. Finally, Savvy Advisors Inc. lifted its stake in Royal Bank Of Canada by 46.9% in the first quarter. Savvy Advisors Inc. now owns 3,842 shares of the financial services provider's stock worth $433,000 after purchasing an additional 1,226 shares during the last quarter. Institutional investors own 45.31% of the company's stock.

Wall Street Analyst Weigh In

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

Royal Bank Of Canada Stock Performance

Shares of RY stock opened at $133.41 on Tuesday. The firm has a market cap of $187.55 billion, a price-to-earnings ratio of 14.82, a PEG ratio of 1.52 and a beta of 0.89. The company's 50 day moving average is $130.33 and its 200 day moving average is $122.41. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11. Royal Bank Of Canada has a 52-week low of $106.10 and a 52-week high of $134.26.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings data on Thursday, May 29th. The financial services provider reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.25 by ($0.05). The business had revenue of $11.38 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.92 earnings per share. On average, sell-side 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. Investors of record on Thursday, July 24th will be issued a dividend of $1.1152 per share. 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. This represents a $4.46 annualized dividend and a yield of 3.3%. Royal Bank Of Canada's dividend payout ratio is 50.33%.

Royal Bank Of Canada Company Profile

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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