Plato Investment Management Ltd Grows Stock Position in Royal Bank Of Canada $RY

Key Points

• Plato Investment Management Ltd increased its Royal Bank of Canada stake by 59.8% in the fourth quarter, bringing its holdings to 48,128 shares worth about $8.25 million.
• Analysts remain largely positive on RY, with 11 Buy ratings and 3 Hold ratings, resulting in a Moderate Buy consensus and an average price target of $162.
• Royal Bank of Canada reported better-than-expected quarterly results, with EPS of $2.94 versus estimates of $2.81 and revenue of $13.18 billion, while also announcing a quarterly dividend of $1.64 per share for a 3.6% yield.

Plato Investment Management Ltd lifted its stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 59.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,128 shares of the financial services provider's stock after purchasing an additional 18,016 shares during the period. Plato Investment Management Ltd's holdings in Royal Bank Of Canada were worth $8,254,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tradewinds Capital Management LLC purchased a new position in Royal Bank Of Canada in the fourth quarter valued at $26,000. Johnson Financial Group Inc. acquired a new stake in Royal Bank Of Canada in the third quarter valued at $27,000. Highline Wealth Partners LLC raised its stake in Royal Bank Of Canada by 75.4% in the fourth quarter. Highline Wealth Partners LLC now owns 207 shares of the financial services provider's stock valued at $35,000 after buying an additional 89 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Royal Bank Of Canada in the third quarter valued at $38,000. Finally, CoreCap Advisors LLC raised its stake in Royal Bank Of Canada by 103.8% in the third quarter. CoreCap Advisors LLC now owns 271 shares of the financial services provider's stock valued at $40,000 after buying an additional 138 shares in the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RY has been the topic of a number of analyst reports. Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a research note on Thursday, February 19th. Weiss Ratings restated a "buy (b+)" rating on shares of Royal Bank Of Canada in a research note on Monday, May 4th. Raymond James Financial restated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Friday, February 13th. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, May 4th. Finally, Zacks Research cut Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 3rd. Eleven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $162.00.

Royal Bank Of Canada Stock Performance

Shares of RY stock opened at $181.68 on Friday. The stock has a market capitalization of $253.93 billion, a PE ratio of 17.39, a price-to-earnings-growth ratio of 1.37 and a beta of 0.80. Royal Bank Of Canada has a 52-week low of $119.77 and a 52-week high of $182.73. The stock's 50-day moving average price is $168.74 and its 200 day moving average price is $164.21. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings results on Thursday, February 26th. The financial services provider reported $2.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.81 by $0.13. The firm had revenue of $13.18 billion for the quarter, compared to analysts' expectations of $12.60 billion. Royal Bank Of Canada had a return on equity of 17.12% and a net margin of 15.28%.The firm's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.62 EPS. As a group, equities research analysts forecast that Royal Bank Of Canada will post 11.57 EPS for the current year.

Royal Bank Of Canada Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Thursday, April 23rd will be given a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 3.6%. The ex-dividend date is Thursday, April 23rd. Royal Bank Of Canada's payout ratio is 45.17%.

About Royal Bank Of Canada

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.