MidFirst Bank Takes $5.30 Million Position in Royal Bank Of Canada $RY

Key Points

• MidFirst Bank purchased 25,599 shares of Royal Bank of Canada during the second quarter, establishing a position worth approximately $5.30 million. Institutional investors and hedge funds collectively own 45.31% of the stock.
• Royal Bank of Canada reported quarterly EPS of $2.84, beating estimates by $0.03, while revenue rose 11.4% year over year to $12.84 billion.
• The bank increased its quarterly dividend to $1.76 per share, representing an annualized payout of $7.04 and a 3.3% yield. Analysts maintain a consensus “Moderate Buy” rating with a $225 price target.

MidFirst Bank purchased a new position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 25,599 shares of the financial services provider's stock, valued at approximately $5,298,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd acquired a new stake in Royal Bank Of Canada during the 4th quarter worth $25,000. Bell Investment Advisors Inc acquired a new stake in shares of Royal Bank Of Canada in the second quarter valued at about $32,000. Key Financial Inc raised 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 buying an additional 63 shares during the last quarter. Maseco LLP lifted its stake in shares of Royal Bank Of Canada by 355.0% in the first quarter. Maseco LLP now owns 182 shares of the financial services provider's stock worth $29,000 after buying an additional 142 shares in the last quarter. Finally, Johnson Financial Group Inc. acquired a new position in Royal Bank Of Canada during the third quarter worth about $27,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank Of Canada Trading Down 0.2%

Shares of RY stock opened at $216.19 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market cap of $299.77 billion, a PE ratio of 19.42, a price-to-earnings-growth ratio of 1.71 and a beta of 0.80. The company has a 50-day moving average of $207.83 and a two-hundred day moving average of $185.66. Royal Bank Of Canada has a 1-year low of $135.92 and a 1-year high of $218.57.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.81 by $0.03. The business had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The business's revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the firm earned $3.12 EPS. On average, analysts predict that Royal Bank Of Canada will post 11.47 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be issued a $1.76 dividend. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.64. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a yield of 3.3%. Royal Bank Of Canada's payout ratio is 44.56%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RY. Argus set a $225.00 price objective on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. TD Securities reissued a "buy" rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 12th. Weiss Ratings upgraded Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, July 29th. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Finally, Scotiabank reiterated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.

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