Royal Bank Of Canada (NYSE:RY) Shares Purchased by Maryland State Retirement & Pension System

Key Points

• The Maryland State Retirement & Pension System increased its stake in the Royal Bank of Canada by 59.3%, reaching a total investment worth approximately $14.94 million.
• The Royal Bank of Canada recently announced a quarterly dividend increase to $1.1152 per share, representing a yield of 3.4%.
• Despite a missed earnings estimate for the last quarter, with reported EPS of $2.20 compared to a consensus of $2.25, the bank's revenue grew by 10.7% year-over-year.

Maryland State Retirement & Pension System lifted its stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 59.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 132,697 shares of the financial services provider's stock after acquiring an additional 49,420 shares during the period. Maryland State Retirement & Pension System's holdings in Royal Bank Of Canada were worth $14,944,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC lifted its position in shares of Royal Bank Of Canada by 33.1% during the fourth quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider's stock valued at $279,000 after buying an additional 575 shares during the last quarter. Sei Investments Co. raised its stake in shares of Royal Bank Of Canada by 6.6% during the 4th quarter. Sei Investments Co. now owns 2,007 shares of the financial services provider's stock worth $242,000 after acquiring an additional 124 shares in the last quarter. Wells Fargo & Company MN lifted its position in Royal Bank Of Canada by 14.0% during the fourth quarter. Wells Fargo & Company MN now owns 219,679 shares of the financial services provider's stock valued at $26,473,000 after acquiring an additional 26,905 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Royal Bank Of Canada by 2.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 338,009 shares of the financial services provider's stock valued at $40,733,000 after acquiring an additional 7,296 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in Royal Bank Of Canada by 4.8% in the fourth quarter. Invesco Ltd. now owns 3,789,560 shares of the financial services provider's stock worth $456,680,000 after purchasing an additional 172,829 shares during the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank Of Canada Stock Performance

Shares of Royal Bank Of Canada stock traded up $0.08 on Friday, reaching $132.52. 1,848,626 shares of the stock were exchanged, compared to its average volume of 1,203,607. Royal Bank Of Canada has a twelve month low of $106.10 and a twelve month high of $134.26. The business has a 50 day moving average price of $130.22 and a two-hundred day moving average price of $122.32. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $186.30 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 1.51 and a beta of 0.89.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its earnings results on Thursday, May 29th. The financial services provider reported $2.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.25 by ($0.05). The business had revenue of $11.38 billion for the quarter, compared to analyst estimates of $15.77 billion. Royal Bank Of Canada had a net margin of 13.37% and a return on equity of 15.75%. The company's revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.92 earnings per share. Analysts anticipate that Royal Bank Of Canada will post 9.16 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, July 24th will be given a $1.1152 dividend. The ex-dividend date is Thursday, July 24th. This represents a $4.46 annualized dividend and a yield of 3.4%. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.03. Royal Bank Of Canada's payout ratio is currently 50.33%.

Analyst Ratings Changes

A number of analysts have recently weighed in on RY shares. Barclays reissued an "overweight" rating on shares of Royal Bank Of Canada in a research report on Monday, June 9th. Scotiabank began coverage on Royal Bank Of Canada in a research note on Thursday, May 15th. They set a "sector outperform" rating on the stock. Wall Street Zen lowered shares of Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research report on Saturday, May 31st. National Bank Financial downgraded shares of Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Finally, CIBC reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $193.00.

Royal Bank Of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.