Royal Bank Of Canada (NYSE:RY) Shares Sold by PCJ Investment Counsel Ltd.

Key Points

• PCJ Investment Counsel Ltd. reduced its stake in Royal Bank of Canada by 8.6%, selling 6,640 shares and bringing its total holdings to 70,540 shares worth approximately $7.95 million.
• Royal Bank of Canada declared a quarterly dividend of $1.1152, increasing from its previous $1.03 payment, representing a 3.4% yield.
• Analysts have a consensus rating of "Moderate Buy" for Royal Bank of Canada, with a target price of $193.00.

PCJ Investment Counsel Ltd. lowered its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 8.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 70,540 shares of the financial services provider's stock after selling 6,640 shares during the quarter. Royal Bank Of Canada accounts for 3.1% of PCJ Investment Counsel Ltd.'s holdings, making the stock its 9th biggest position. PCJ Investment Counsel Ltd.'s holdings in Royal Bank Of Canada were worth $7,947,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Park Square Financial Group LLC acquired a new stake in Royal Bank Of Canada during the fourth quarter valued at $25,000. Sunbelt Securities Inc. grew its position 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 valued at $29,000 after buying an additional 250 shares during the period. Optiver Holding B.V. acquired a new stake in Royal Bank Of Canada during the fourth quarter valued at $35,000. Transce3nd LLC acquired a new stake in Royal Bank Of Canada during the fourth quarter valued at $37,000. Finally, Cullen Frost Bankers Inc. grew 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 valued at $39,000 after buying an additional 257 shares during the period. Institutional investors and hedge funds own 45.31% of the company's stock.

Analysts Set New Price Targets

RY has been the topic of several analyst reports. CIBC restated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Tuesday, May 20th. National Bank Financial downgraded shares of Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a report on Monday, June 9th. Wall Street Zen downgraded shares of Royal Bank Of Canada from a "hold" rating to a "sell" rating in a report on Saturday, May 31st. Finally, Scotiabank began coverage on shares of Royal Bank Of Canada in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $193.00.

Royal Bank Of Canada Price Performance

RY traded up $0.08 on Friday, reaching $132.52. 1,848,626 shares of the company's stock were exchanged, compared to its average volume of 1,203,607. The stock has a market cap of $186.30 billion, a PE ratio of 14.72, a P/E/G ratio of 1.52 and a beta of 0.89. Royal Bank Of Canada has a twelve month low of $106.10 and a twelve month high of $134.26. The stock's fifty day moving average price is $130.22 and its 200-day moving average price is $122.33. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.82 and a quick ratio of 0.82.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its earnings results on Thursday, May 29th. The financial services provider reported $2.20 EPS for the quarter, missing analysts' consensus estimates of $2.25 by ($0.05). Royal Bank Of Canada had a return on equity of 15.75% and a net margin of 13.37%. The firm had revenue of $11.38 billion for the quarter, compared to analysts' expectations of $15.77 billion. During the same period last year, the firm earned $2.92 earnings per share. Royal Bank Of Canada's revenue for the quarter was up 10.7% on a year-over-year basis. Sell-side analysts expect that Royal Bank Of Canada will post 9.16 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, July 24th will be paid a $1.1152 dividend. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Thursday, July 24th. This represents a $4.46 dividend on an annualized basis and a dividend yield of 3.4%. Royal Bank Of Canada's payout ratio is presently 50.33%.

Royal Bank Of Canada 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.