Norges Bank Buys Shares of 20,368,046 Royal Bank Of Canada $RY

Key Points

• Norges Bank disclosed a new stake in Royal Bank of Canada, buying 20,368,046 shares worth about $3.47 billion, or roughly 1.46% of the bank.
• Royal Bank of Canada reported better-than-expected quarterly results, with earnings per share of $2.84 and revenue of $12.84 billion, helped by stronger performance across business lines and lower loan-loss provisions.
• The bank also raised its quarterly dividend to $1.76 per share from $1.64, and analysts currently rate the stock Moderate Buy with an average price target of $162.00.

Norges Bank purchased a new position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 20,368,046 shares of the financial services provider's stock, valued at approximately $3,472,382,000. Norges Bank owned approximately 1.46% of Royal Bank Of Canada as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. boosted its stake in Royal Bank Of Canada by 13.0% in the 4th quarter. Hillsdale Investment Management Inc. now owns 965,757 shares of the financial services provider's stock worth $164,934,000 after purchasing an additional 111,220 shares in the last quarter. JTC Employer Solutions Trustee Ltd lifted its stake in Royal Bank Of Canada by 511.9% during the 4th quarter. JTC Employer Solutions Trustee Ltd now owns 9,484 shares of the financial services provider's stock valued at $1,624,000 after acquiring an additional 7,934 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Royal Bank Of Canada by 30.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 26,351 shares of the financial services provider's stock valued at $4,493,000 after acquiring an additional 6,099 shares during the last quarter. Kingsview Wealth Management LLC boosted its holdings in shares of Royal Bank Of Canada by 51.2% during the 4th quarter. Kingsview Wealth Management LLC now owns 4,706 shares of the financial services provider's stock valued at $802,000 after acquiring an additional 1,593 shares during the last quarter. Finally, Smith Chas P & Associates PA Cpas bought a new stake in shares of Royal Bank Of Canada in the fourth quarter worth approximately $268,000. Institutional investors own 45.31% of the company's stock.

Key Royal Bank Of Canada News

Here are the key news stories impacting Royal Bank Of Canada this week:

• Positive Sentiment: Royal Bank of Canada reported quarterly earnings and revenue above analyst expectations, helped by stronger-than-forecast results across most business segments and lower loan-loss provisions. RBC Beats Estimates on Strong Results Across Its Business Lines
• Positive Sentiment: The company increased its quarterly dividend to $1.76 per share from $1.64, signaling management confidence in earnings power and capital strength. Royal Bank Of Canada Price Performance
• Positive Sentiment: Management sounded upbeat on the Canadian economy and said it is not worried about fintech competition, reinforcing the view that RBC can defend its market position. RBC CEO not afraid of competition, dismisses possibility of fintech disruption
• Neutral Sentiment: Insider buying was reported in a separate RIAEX filing tied to Global Asset Management (U.S.) Inc. RBC, but it does not appear directly related to Royal Bank of Canada’s public shares. Insider Purchase: 10% owner at $RIAEX Buys 1,956,000 Shares

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RY. Zacks Research cut shares of Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 3rd. TD Securities reaffirmed a "buy" rating on shares of Royal Bank Of Canada in a research report on Friday. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Royal Bank Of Canada in a research note on Friday. Weiss Ratings cut Royal Bank Of Canada from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, May 18th. Finally, Raymond James Financial downgraded Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 12th. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Royal Bank Of Canada presently has an average rating of "Moderate Buy" and an average price target of $162.00.

Royal Bank Of Canada Price Performance

NYSE RY opened at $189.92 on Friday. The company has a 50-day moving average price of $175.27 and a 200-day moving average price of $168.46. Royal Bank Of Canada has a 52 week low of $124.19 and a 52 week high of $191.51. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $265.45 billion, a P/E ratio of 17.06, a PEG ratio of 1.48 and a beta of 0.80.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.81 by $0.03. The company 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 17.83%. The firm's revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the firm posted $3.12 earnings per share. Equities research analysts anticipate that Royal Bank Of Canada will post 11.53 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be paid a dividend of $1.76 per share. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 3.7%. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.64. Royal Bank Of Canada's dividend payout ratio is 46.54%.

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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