Keybank National Association OH Buys 5,778 Shares of Royal Bank Of Canada $RY

Key Points

• Keybank National Association OH increased its Royal Bank of Canada stake by 264.6% in the first quarter, buying 5,778 additional shares and bringing its total position to 7,962 shares worth about $1.29 million.
• Royal Bank of Canada reported better-than-expected quarterly earnings of $2.84 per share, slightly topping estimates, while revenue rose 11.4% year over year to $12.84 billion.
• The bank also raised its quarterly dividend to $1.76 per share, implying an annualized payout of $7.04 and a 3.4% yield; analysts currently rate the stock a Moderate Buy with a $225 average target price.

Keybank National Association OH lifted its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 264.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,962 shares of the financial services provider's stock after acquiring an additional 5,778 shares during the period. Keybank National Association OH's holdings in Royal Bank Of Canada were worth $1,288,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital Asset Advisory Services LLC bought a new position in shares of Royal Bank Of Canada during the first quarter worth $181,000. USS Investment Management Ltd raised its stake in Royal Bank Of Canada by 1.2% during the 1st quarter. USS Investment Management Ltd now owns 228,904 shares of the financial services provider's stock worth $37,023,000 after buying an additional 2,760 shares during the period. Severin Investments LLC lifted its holdings in Royal Bank Of Canada by 4.0% during the first quarter. Severin Investments LLC now owns 5,969 shares of the financial services provider's stock worth $966,000 after acquiring an additional 227 shares in the last quarter. Wagner Wealth Management LLC lifted its holdings in Royal Bank Of Canada by 4.4% during the first quarter. Wagner Wealth Management LLC now owns 6,955 shares of the financial services provider's stock worth $1,125,000 after acquiring an additional 295 shares in the last quarter. Finally, Key Financial Inc grew its stake in Royal Bank Of Canada by 63.0% in the first quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 63 shares during the period. Institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Stock Up 0.0%

Shares of RY stock traded up $0.08 on Tuesday, hitting $208.13. 121,262 shares of the stock were exchanged, compared to its average volume of 1,520,632. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $289.25 billion, a P/E ratio of 18.69, a price-to-earnings-growth ratio of 1.62 and a beta of 0.80. The business has a 50-day moving average of $191.45 and a 200 day moving average of $176.53. Royal Bank Of Canada has a fifty-two week low of $127.38 and a fifty-two week high of $209.37.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. During the same quarter last year, the firm earned $3.12 EPS. Royal Bank Of Canada's revenue for the quarter was up 11.4% compared to the same quarter last year. Equities analysts anticipate that Royal Bank Of Canada will post 11.45 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be paid 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 dividend yield of 3.4%. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.64. Royal Bank Of Canada's dividend payout ratio (DPR) is 42.41%.

Analysts Set New Price Targets

A number of research firms have recently commented on RY. Weiss Ratings lowered Royal Bank Of Canada from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Monday, June 29th. Raymond James Financial lowered Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 12th. Argus set a $225.00 target price on Royal Bank Of Canada in a research note on Thursday, June 11th. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Finally, TD Securities reaffirmed a "buy" rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Ten investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Royal Bank Of Canada has an average rating of "Moderate Buy" and an average 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.

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