Northern Trust Corp Buys 147,624 Shares of Royal Bank Of Canada $RY

Key Points

• Northern Trust Corp increased its stake in the Royal Bank of Canada by 13.2%, owning 1,268,080 shares valued at approximately $142.94 million following the purchase of 147,624 additional shares.
• The Royal Bank of Canada recently announced a quarterly dividend of $1.1152 per share, which reflects an annualized dividend of $4.46 and a yield of 3.2%, marking an increase from its previous dividend of $1.03.
• As of the latest reports, the consensus rating for Royal Bank of Canada is "Moderate Buy," with an average target price of $193.00, despite some analysts issuing downgrades to the stock.

Northern Trust Corp increased its holdings in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 13.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 1,268,080 shares of the financial services provider's stock after purchasing an additional 147,624 shares during the period. Northern Trust Corp owned 0.09% of Royal Bank Of Canada worth $142,938,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Park Square Financial Group LLC bought a new position in Royal Bank Of Canada during the fourth quarter worth about $25,000. Sunbelt Securities Inc. grew its holdings in Royal Bank Of Canada by 2,272.7% during the first quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock worth $29,000 after purchasing an additional 250 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Royal Bank Of Canada during the first quarter worth about $32,000. Optiver Holding B.V. acquired a new stake in Royal Bank Of Canada during the fourth quarter worth approximately $35,000. Finally, Cullen Frost Bankers Inc. lifted its position in Royal Bank Of Canada by 295.4% during the first quarter. Cullen Frost Bankers Inc. now owns 344 shares of the financial services provider's stock worth $39,000 after acquiring an additional 257 shares during the last quarter. Institutional investors own 45.31% of the company's stock.

Analyst Upgrades and Downgrades

RY has been the subject of several research reports. National Bankshares restated a "sector perform" rating on shares of Royal Bank Of Canada in a research report on Friday, August 15th. Wall Street Zen downgraded shares of Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research report on Saturday, May 31st. CIBC restated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Tuesday, May 20th. Scotiabank assumed coverage on shares of Royal Bank Of Canada in a research report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Finally, Barclays reiterated an "overweight" rating on shares of Royal Bank Of Canada in a research report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $193.00.

Royal Bank Of Canada Price Performance

Shares of NYSE RY traded up $8.70 during midday trading on Wednesday, reaching $146.38. The company's stock had a trading volume of 2,057,191 shares, compared to its average volume of 1,235,719. The business's 50 day moving average price is $132.21 and its two-hundred day moving average price is $123.59. The company has a market cap of $205.70 billion, a P/E ratio of 16.27, a P/E/G ratio of 1.57 and a beta of 0.89. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. Royal Bank Of Canada has a fifty-two week low of $106.10 and a fifty-two week high of $147.64.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its quarterly earnings data 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 firm had revenue of $11.38 billion during the quarter, compared to the consensus estimate of $15.77 billion. Royal Bank Of Canada had a net margin of 13.37% and a return on equity of 15.75%. The business's revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business earned $2.92 earnings per share. On average, analysts forecast that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 24th. Investors of record on Monday, October 27th will be paid a $1.54 dividend. This represents a $6.16 dividend on an annualized basis and a yield of 4.2%. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.12. Royal Bank Of Canada's dividend payout ratio (DPR) is 50.33%.

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.