Kayne Anderson Rudnick Investment Management LLC Sells 2,272 Shares of Royal Bank Of Canada $RY

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its stake in the Royal Bank of Canada by 6.3%, selling 2,272 shares, leaving them with 33,550 shares valued at approximately $3.78 million.
• The Royal Bank of Canada reported earnings per share of $2.20, missing expectations by $0.05, and had a revenue of $11.38 billion compared to the estimated $15.77 billion.
• The company increased its quarterly dividend to $1.1152, resulting in a *3.3% yield*, up from the previous quarterly payment of $1.03.

Kayne Anderson Rudnick Investment Management LLC lowered its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 6.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,550 shares of the financial services provider's stock after selling 2,272 shares during the period. Kayne Anderson Rudnick Investment Management LLC's holdings in Royal Bank Of Canada were worth $3,782,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of RY. Park Square Financial Group LLC bought a new position in shares of Royal Bank Of Canada in the fourth quarter worth approximately $25,000. Sunbelt Securities Inc. increased its position in shares of Royal Bank Of Canada by 2,272.7% in the first quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock worth $29,000 after purchasing an additional 250 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Royal Bank Of Canada in the first quarter worth approximately $32,000. Optiver Holding B.V. purchased a new stake in Royal Bank Of Canada in the fourth quarter worth approximately $35,000. Finally, Cullen Frost Bankers Inc. boosted its stake in Royal Bank Of Canada by 295.4% in the first quarter. Cullen Frost Bankers Inc. now owns 344 shares of the financial services provider's stock worth $39,000 after buying an additional 257 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors.

Royal Bank Of Canada Trading Up 0.5%

RY stock traded up $0.76 on Thursday, reaching $146.02. The company's stock had a trading volume of 1,115,168 shares, compared to its average volume of 1,152,271. The business has a fifty day simple moving average of $132.91 and a two-hundred day simple moving average of $123.93. Royal Bank Of Canada has a 12-month low of $106.10 and a 12-month high of $147.64. The firm has a market cap of $205.19 billion, a PE ratio of 15.42, a PEG ratio of 1.68 and a beta of 0.89. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its quarterly earnings results on Wednesday, August 27th. The financial services provider reported $2.79 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.43. The company had revenue of $12.26 billion during the quarter, compared to analyst estimates of $16.03 billion. Royal Bank Of Canada had a return on equity of 16.31% and a net margin of 14.03%.The firm's revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the firm posted $3.26 earnings per share. As a group, research analysts forecast that Royal Bank Of Canada will post 9.16 EPS for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on RY. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a research note on Thursday, August 14th. National Bankshares reissued a "sector perform" rating on shares of Royal Bank Of Canada in a research note on Friday, August 15th. Wall Street Zen lowered Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research note on Saturday, May 31st. Scotiabank began coverage on Royal Bank Of Canada in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. Finally, CIBC reissued an "outperform" rating on shares of Royal Bank Of Canada in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Royal Bank Of Canada has an average rating of "Moderate Buy" and an average price target 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.