Mediolanum International Funds Ltd Acquires 21,097 Shares of Royal Bank Of Canada $RY

Key Points

• Mediolanum International Funds Ltd increased its Royal Bank of Canada stake by 76.2% in the first quarter, buying 21,097 additional shares and bringing its total to 48,798 shares worth about $7.7 million.
• Royal Bank of Canada reported better-than-expected quarterly results, with earnings per share of $2.84 and revenue of $12.84 billion, both topping analyst estimates.
• The bank also raised its quarterly dividend to $1.76 per share, implying an annualized payout of $7.04 and a 3.3% yield; analysts currently rate the stock a Moderate Buy with a $225 target price.

Mediolanum International Funds Ltd lifted its holdings in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 76.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,798 shares of the financial services provider's stock after buying an additional 21,097 shares during the quarter. Mediolanum International Funds Ltd's holdings in Royal Bank Of Canada were worth $7,705,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of RY. Harvest Fund Management Co. Ltd purchased a new stake in shares of Royal Bank Of Canada during the fourth quarter worth $25,000. Tradewinds Capital Management LLC purchased a new position in shares of Royal Bank Of Canada in the fourth quarter valued at $26,000. Key Financial Inc grew its position in shares of Royal Bank Of Canada by 63.0% in the first quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 63 shares in the last quarter. Maseco LLP raised its stake in shares of Royal Bank Of Canada by 355.0% during the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 142 shares during the period. Finally, Johnson Financial Group Inc. bought a new stake in shares of Royal Bank Of Canada during the 3rd quarter valued at $27,000. 45.31% of the stock is owned by institutional investors.

Royal Bank Of Canada Stock Performance

Shares of RY opened at $210.39 on Tuesday. Royal Bank Of Canada has a 12-month low of $127.38 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. The company has a market cap of $291.72 billion, a PE ratio of 18.90, a price-to-earnings-growth ratio of 1.71 and a beta of 0.80. The stock has a 50-day moving average price of $198.71 and a 200-day moving average price of $179.78.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.03. The company had revenue of $12.84 billion for the quarter, compared to analysts' expectations of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. Royal Bank Of Canada's revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period in the prior year, the business earned $3.12 earnings per share. As a group, equities analysts forecast that Royal Bank Of Canada will post 11.45 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be issued a $1.76 dividend. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, July 27th. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.64. Royal Bank Of Canada's payout ratio is currently 42.41%.

Wall Street Analyst Weigh In

RY has been the subject of several analyst reports. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Weiss Ratings downgraded shares of Royal Bank Of Canada from a "buy (a-)" rating to a "buy (b+)" rating in a report on Monday, June 29th. TD Securities restated a "buy" rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Raymond James Financial lowered shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 12th. Finally, Argus set a $225.00 target price on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Royal Bank Of Canada presently has a consensus rating of "Moderate Buy" and a consensus target price of $225.00.

Royal Bank Of Canada Company 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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