Korea Investment CORP Cuts Stock Position in Royal Bank Of Canada $RY

Key Points

• Korea Investment CORP trimmed its position in Royal Bank of Canada by 2.3% in Q3, selling 22,783 shares and ending the period with 986,058 shares worth $145.365 million (about 0.07% of RY).
• RBC beat quarterly expectations with EPS $2.94 vs. $2.81 estimate and revenue $13.18B vs. $12.60B, and analysts maintain a consensus rating of Moderate Buy with an average target of $162 (11 Buys, 3 Holds).
• RBC announced a quarterly dividend of $1.64 (annualized $6.56) for a ~4.0% yield, ex-dividend April 23 and payable May 22; the stock trades near $163.63 with a market cap of ~$228.7B and a P/E of ~15.7.

Korea Investment CORP trimmed its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 2.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 986,058 shares of the financial services provider's stock after selling 22,783 shares during the period. Korea Investment CORP owned 0.07% of Royal Bank Of Canada worth $145,365,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of RY. Canada Pension Plan Investment Board raised its stake in Royal Bank Of Canada by 8.2% during the second quarter. Canada Pension Plan Investment Board now owns 6,867,900 shares of the financial services provider's stock valued at $905,726,000 after buying an additional 521,132 shares during the last quarter. Savant Capital LLC grew its stake in shares of Royal Bank Of Canada by 37.8% in the second quarter. Savant Capital LLC now owns 11,590 shares of the financial services provider's stock worth $1,525,000 after acquiring an additional 3,179 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in shares of Royal Bank Of Canada by 289.6% during the third quarter. Vontobel Holding Ltd. now owns 358,695 shares of the financial services provider's stock valued at $52,856,000 after acquiring an additional 266,636 shares in the last quarter. Vise Technologies Inc. purchased a new position in shares of Royal Bank Of Canada in the 2nd quarter worth about $2,780,000. Finally, Ontario Teachers Pension Plan Board purchased a new position in shares of Royal Bank Of Canada in the 2nd quarter worth about $2,670,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RY. Jefferies Financial Group downgraded shares of Royal Bank Of Canada from a "buy" rating to a "hold" rating in a research note on Tuesday, November 25th. TD Securities upgraded shares of Royal Bank Of Canada from a "hold" rating to a "buy" rating in a report on Thursday, December 4th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research report on Wednesday, December 17th. Weiss Ratings reiterated a "buy (b)" rating on shares of Royal Bank Of Canada in a research note on Thursday, January 22nd. Finally, National Bank Financial reissued an "outperform" rating on shares of Royal Bank Of Canada in a report on Thursday, December 4th. Eleven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Royal Bank Of Canada presently has an average rating of "Moderate Buy" and a consensus target price of $162.00.

Royal Bank Of Canada Trading Down 0.5%

Shares of Royal Bank Of Canada stock opened at $163.63 on Friday. Royal Bank Of Canada has a 1-year low of $106.10 and a 1-year high of $176.19. The company's fifty day simple moving average is $169.51 and its 200-day simple moving average is $156.96. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $228.71 billion, a PE ratio of 15.66, a P/E/G ratio of 1.23 and a beta of 0.79.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its earnings results on Thursday, February 26th. The financial services provider reported $2.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.13. Royal Bank Of Canada had a net margin of 15.28% and a return on equity of 17.12%. The company had revenue of $13.18 billion during the quarter, compared to analyst estimates of $12.60 billion. During the same period in the prior year, the firm posted $3.62 EPS. The firm's quarterly revenue was up 4.4% compared to the same quarter last year. As a group, equities analysts anticipate that Royal Bank Of Canada will post 9.16 earnings per share for the current year.

Royal Bank Of Canada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Thursday, April 23rd will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Thursday, April 23rd. Royal Bank Of Canada's payout ratio is currently 45.74%.

About Royal Bank Of Canada

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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