one8zero8 LLC Acquires Shares of 35,394 Royal Bank Of Canada $RY

Key Points

• one8zero8 LLC acquired 35,394 Royal Bank of Canada shares worth approximately $7.3 million, making RBC 1.5% of its portfolio; institutional investors own 45.31% of the stock.
• Analyst sentiment remains favorable, with RBC receiving a “Moderate Buy” consensus rating and an average price target of $225, despite some downgrades to “Market Perform” or “Neutral.”
• RBC exceeded quarterly earnings and revenue expectations, while year-over-year revenue rose 11.4%; it also increased its quarterly dividend to $1.76 per share, producing a 3.4% annualized yield.

one8zero8 LLC bought a new position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 35,394 shares of the financial services provider's stock, valued at approximately $7,325,000. Royal Bank Of Canada makes up 1.5% of one8zero8 LLC's investment portfolio, making the stock its 15th largest holding.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC increased its stake in Royal Bank Of Canada by 33.1% during the 4th quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider's stock worth $279,000 after acquiring an additional 575 shares during the period. AQR Capital Management LLC lifted its position in shares of Royal Bank Of Canada by 60.9% during the 1st quarter. AQR Capital Management LLC now owns 11,779 shares of the financial services provider's stock valued at $1,321,000 after acquiring an additional 4,460 shares during the period. Sivia Capital Partners LLC lifted its position in shares of Royal Bank Of Canada by 57.7% during the 2nd quarter. Sivia Capital Partners LLC now owns 5,284 shares of the financial services provider's stock valued at $695,000 after acquiring an additional 1,934 shares during the period. Baird Financial Group Inc. increased its position in shares of Royal Bank Of Canada by 39.1% in the second quarter. Baird Financial Group Inc. now owns 13,555 shares of the financial services provider's stock worth $1,783,000 after purchasing an additional 3,811 shares during the period. Finally, Cerity Partners LLC raised its stake in Royal Bank Of Canada by 9.0% in the second quarter. Cerity Partners LLC now owns 47,721 shares of the financial services provider's stock valued at $6,279,000 after purchasing an additional 3,928 shares in the last quarter. 45.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RY has been the subject of several recent analyst reports. Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Argus set a $225.00 target price on shares of Royal Bank Of Canada in a report on Thursday, June 11th. Weiss Ratings upgraded shares of Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, July 29th. Raymond James Financial downgraded shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 12th. Finally, Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Royal Bank Of Canada in a research report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $225.00.

Royal Bank Of Canada Price Performance

Shares of RY stock opened at $207.78 on Thursday. The business has a fifty day simple moving average of $208.34 and a 200 day simple moving average of $186.26. The company has a market cap of $288.11 billion, a P/E ratio of 18.67, a P/E/G ratio of 1.68 and a beta of 0.80. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. Royal Bank Of Canada has a twelve month low of $135.92 and a twelve month high of $218.57.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its 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 firm had revenue of $12.84 billion for the quarter, compared to analysts' expectations 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 for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.12 earnings per share. On average, sell-side analysts forecast that Royal Bank Of Canada will post 11.47 EPS 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. Investors of record on Monday, July 27th will be issued a dividend of $1.76 per share. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 3.4%. Royal Bank Of Canada's payout ratio is presently 44.56%.

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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