Letko Brosseau & Associates Inc. Sells 35,868 Shares of Royal Bank Of Canada $RY

Key Points

• Letko Brosseau & Associates trimmed its Royal Bank of Canada stake by 2.4% in Q4, selling 35,868 shares. It still holds 1,465,322 shares, making RY its fifth-largest position.
• Royal Bank of Canada posted solid quarterly results, beating EPS estimates with $2.84 per share and generating $12.84 billion in revenue, up 11.4% from a year earlier. Analysts expect the bank to earn 11.52 EPS for the full year.
• RBC raised its dividend to $1.76 per share from $1.64, putting the annualized payout at $7.04 and the yield at 3.6%. The stock also traded near its 52-week high, reflecting strong recent performance.

Letko Brosseau & Associates Inc. cut its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 2.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,465,322 shares of the financial services provider's stock after selling 35,868 shares during the period. Royal Bank Of Canada comprises about 4.1% of Letko Brosseau & Associates Inc.'s holdings, making the stock its 5th largest position. Letko Brosseau & Associates Inc. owned 0.10% of Royal Bank Of Canada worth $250,134,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Royal Bank Of Canada by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider's stock valued at $11,529,165,000 after buying an additional 1,290,142 shares in the last quarter. Norges Bank acquired a new stake in Royal Bank Of Canada in the fourth quarter valued at $3,472,382,000. Geode Capital Management LLC raised its stake in Royal Bank Of Canada by 6.9% in the fourth quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider's stock valued at $2,389,773,000 after buying an additional 882,253 shares in the last quarter. Canerector Inc. raised its stake in Royal Bank Of Canada by 20,412.0% in the third quarter. Canerector Inc. now owns 13,332,800 shares of the financial services provider's stock valued at $1,964,188,000 after buying an additional 13,267,800 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Royal Bank Of Canada by 3.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,147,980 shares of the financial services provider's stock valued at $1,642,712,000 after buying an additional 338,575 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank Of Canada Stock Performance

Shares of RY stock opened at $197.90 on Wednesday. The stock's 50-day moving average is $179.85 and its two-hundred day moving average is $170.86. The firm has a market cap of $275.03 billion, a price-to-earnings ratio of 17.78, a PEG ratio of 1.54 and a beta of 0.81. Royal Bank Of Canada has a 1 year low of $126.02 and a 1 year high of $198.57. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.70 and a current ratio of 0.70.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings data 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 return on equity of 17.83% and a net margin of 15.92%.The company had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. During the same quarter last year, the company posted $3.12 earnings per share. The business's quarterly revenue was up 11.4% compared to the same quarter last year. Analysts predict that Royal Bank Of Canada will post 11.52 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be issued a dividend of $1.76 per share. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, July 27th. Royal Bank Of Canada's dividend payout ratio is 42.41%.

Wall Street Analyst Weigh In

RY has been the topic of several research reports. Raymond James Financial lowered Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 12th. Weiss Ratings raised Royal Bank Of Canada from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, June 1st. Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. TD Securities reaffirmed a "buy" rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Finally, Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Royal Bank Of Canada presently has an average rating of "Moderate Buy" and a consensus price target of $162.00.

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.

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