OMERS ADMINISTRATION Corp Sells 319,167 Shares of Royal Bank Of Canada $RY

Key Points

• OMERS Administration Corp cut its Royal Bank of Canada stake by 31.9% in the first quarter, selling 319,167 shares and leaving it with 681,357 shares worth about $109.8 million.
• Royal Bank of Canada reported strong quarterly results, with EPS of $2.84 topping estimates and revenue of $12.84 billion, up 11.4% year over year.
• The bank also raised its quarterly dividend to $1.76 per share, implying an annualized yield of 3.4%, while analysts currently rate the stock a “Moderate Buy” with a consensus target price of $225.

OMERS ADMINISTRATION Corp reduced its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 31.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 681,357 shares of the financial services provider's stock after selling 319,167 shares during the period. OMERS ADMINISTRATION Corp's holdings in Royal Bank Of Canada were worth $109,794,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in Royal Bank Of Canada during the fourth quarter valued at approximately $3,472,382,000. Alberta Investment Management Corp bought a new stake in shares of Royal Bank Of Canada in the 4th quarter worth approximately $324,237,000. Vanguard Group Inc. lifted its holdings in shares of Royal Bank Of Canada by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider's stock worth $11,529,165,000 after acquiring an additional 1,290,142 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Royal Bank Of Canada by 6.9% in the 4th quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider's stock valued at $2,389,773,000 after purchasing an additional 882,253 shares in the last quarter. Finally, BCV Asset Management Inc. purchased a new stake in shares of Royal Bank Of Canada in the 4th quarter valued at $136,790,000. Institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Stock Performance

Shares of RY opened at $209.13 on Friday. The company has a 50-day simple moving average of $200.93 and a two-hundred day simple moving average of $180.81. 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 capitalization of $289.98 billion, a PE ratio of 18.79, a price-to-earnings-growth ratio of 1.66 and a beta of 0.80. Royal Bank Of Canada has a one year low of $127.38 and a one year high of $218.57.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.03. The firm had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The business's revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.12 EPS. On average, analysts anticipate that Royal Bank Of Canada will post 11.45 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, August 24th. Shareholders 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 yield of 3.4%. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.64. The ex-dividend date is Monday, July 27th. Royal Bank Of Canada's dividend payout ratio is currently 42.41%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Argus set a $225.00 target price on shares of Royal Bank Of Canada in a report on Thursday, June 11th. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Raymond James Financial downgraded Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 12th. Finally, TD Securities reissued a "buy" rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Royal Bank Of Canada presently has an average 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.

Want to see what other hedge funds are holding RY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.