Korea Investment CORP Makes New $175.49 Million Investment in Royal Bank Of Canada $RY

Key Points

• Korea Investment Corp. acquired 847,778 shares of Royal Bank of Canada during the second quarter, valued at approximately $175.5 million and representing about 0.06% of the bank.
• Royal Bank of Canada exceeded quarterly earnings expectations, reporting EPS of $2.84 versus the $2.81 consensus, while revenue rose 11.4% year over year to $12.84 billion.
• The bank increased its quarterly dividend to $1.76 per share, equating to an annualized dividend of $7.04 and a 3.4% yield; analysts maintain a “Moderate Buy” consensus with a $225 price target.

Korea Investment CORP bought a new position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 847,778 shares of the financial services provider's stock, valued at approximately $175,489,000. Korea Investment CORP owned about 0.06% of Royal Bank Of Canada as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. BOK Financial Private Wealth Inc. purchased a new stake in shares of Royal Bank Of Canada during the 2nd quarter valued at $28,000. Harvest Fund Management Co. Ltd bought a new position in Royal Bank Of Canada during the fourth quarter valued at $25,000. Bell Investment Advisors Inc bought a new position in shares of Royal Bank Of Canada during the 2nd quarter worth $32,000. Key Financial Inc grew its stake in shares of Royal Bank Of Canada by 63.0% during the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock worth $26,000 after acquiring an additional 63 shares during the period. Finally, Maseco LLP increased its holdings in Royal Bank Of Canada by 355.0% in the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider's stock worth $29,000 after acquiring an additional 142 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank Of Canada Price Performance

RY stock opened at $204.86 on Friday. The firm has a 50 day moving average of $208.56 and a 200-day moving average of $186.66. The firm has a market capitalization of $284.06 billion, a P/E ratio of 18.41, a price-to-earnings-growth ratio of 1.62 and a beta of 0.80. Royal Bank Of Canada has a 12 month low of $135.97 and a 12 month high of $218.57. 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 (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 net margin of 15.92% and a return on equity of 17.68%. The business had revenue of $12.84 billion for the quarter, compared to analysts' expectations of $12.74 billion. During the same period in the prior year, the company posted $3.12 EPS. The business's revenue for the quarter was up 11.4% compared to the same quarter last year. As a group, sell-side analysts predict that Royal Bank Of Canada will post 11.47 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be given a dividend of $1.76 per share. The ex-dividend date is Monday, July 27th. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.64. This represents a $7.04 annualized dividend and a yield of 3.4%. Royal Bank Of Canada's dividend payout ratio (DPR) is presently 44.56%.

Analysts Set New Price Targets

RY has been the subject of several recent research reports. TD Securities reiterated a "buy" rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 12th. Keefe, Bruyette & Woods began coverage on shares of Royal Bank Of Canada in a research note on Friday. They set a "market perform" rating on the stock. Raymond James Financial downgraded shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 12th. Scotiabank reiterated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Finally, Argus set a $225.00 target price on shares of Royal Bank Of Canada in a report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $225.00.

Royal Bank Of Canada 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source