Royal Bank of Canada Purchases 131,813 Shares of MAG Silver Corporation $MAG

Royal Bank of Canada increased its stake in MAG Silver Corporation (NYSEAMERICAN:MAG - Free Report) by 8.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,660,583 shares of the company's stock after purchasing an additional 131,813 shares during the period. Royal Bank of Canada owned approximately 1.61% of MAG Silver worth $25,374,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its stake in MAG Silver by 18.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 328,000 shares of the company's stock worth $4,990,000 after purchasing an additional 50,000 shares during the period. D.A. Davidson & CO. acquired a new position in MAG Silver in the 1st quarter worth $167,000. Alps Advisors Inc. boosted its stake in MAG Silver by 711.6% in the 1st quarter. Alps Advisors Inc. now owns 392,675 shares of the company's stock worth $6,000,000 after purchasing an additional 344,290 shares during the period. Ninepoint Partners LP acquired a new position in MAG Silver in the 1st quarter worth $657,000. Finally, Two Sigma Investments LP acquired a new position in MAG Silver in the 4th quarter worth $401,000. 52.50% of the stock is owned by institutional investors and hedge funds.

MAG Silver Price Performance

NYSEAMERICAN:MAG traded down $0.29 on Wednesday, hitting $24.47. 2,177,252 shares of the company's stock were exchanged, compared to its average volume of 1,906,338. The firm has a 50-day moving average price of $22.51 and a 200-day moving average price of $18.97. MAG Silver Corporation has a 52 week low of $11.72 and a 52 week high of $25.09. The company has a market cap of $2.54 billion, a P/E ratio of 24.72 and a beta of 0.73.

MAG Silver Dividend Announcement

The firm also recently declared a dividend, which was paid on Monday, September 1st. Shareholders of record on Tuesday, August 19th were given a dividend of $0.124 per share. The ex-dividend date of this dividend was Monday, August 18th. This represents a yield of 236.0%. MAG Silver's payout ratio is 33.80%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. HC Wainwright reaffirmed a "neutral" rating and issued a $22.00 target price on shares of MAG Silver in a research note on Thursday, July 24th. Scotiabank reaffirmed an "outperform" rating on shares of MAG Silver in a research note on Tuesday, August 12th. TD Securities cut shares of MAG Silver from a "strong-buy" rating to a "strong sell" rating in a research report on Thursday, May 22nd. Finally, Roth Capital reissued a "neutral" rating and set a $23.00 price target (up from $22.00) on shares of MAG Silver in a research report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $21.00.

MAG Silver Profile

MAG Silver Corp. develops and explores for precious metal properties in Canada. It explores for silver, gold, lead, copper, and zinc deposits. The company's flagship property is the 44% owned Juanicipio property located in the Fresnillo District, Zacatecas State, Mexico. MAG Silver Corp. is headquartered in Vancouver, Canada.