PNC Financial Services Group Inc. Boosts Holdings in Royal Bank Of Canada (NYSE:RY)

Key Points

• PNC Financial Services Group Inc. increased its stake in the Royal Bank of Canada by 4.0% during the first quarter, now holding 86,847 shares valued at approximately $9.79 million.
• The Royal Bank of Canada recently announced a dividend increase to $1.1152 per share, reflecting an annualized yield of 3.4%, set to be paid on August 22nd.
• Despite reporting earnings of $2.20 per share, Royal Bank of Canada missed analysts' expectations of $2.25, with revenues for the quarter lower than the consensus estimate.

PNC Financial Services Group Inc. raised its holdings in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 4.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,847 shares of the financial services provider's stock after acquiring an additional 3,358 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Royal Bank Of Canada were worth $9,789,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. APG Asset Management N.V. lifted its holdings in shares of Royal Bank Of Canada by 1,600.9% during the 4th quarter. APG Asset Management N.V. now owns 1,427,075 shares of the financial services provider's stock worth $166,084,000 after acquiring an additional 1,343,174 shares during the period. QV Investors Inc. purchased a new stake in Royal Bank Of Canada during the first quarter valued at about $51,164,000. Northern Trust Corp grew its position in Royal Bank Of Canada by 64.4% during the fourth quarter. Northern Trust Corp now owns 1,120,456 shares of the financial services provider's stock valued at $135,026,000 after acquiring an additional 439,077 shares during the period. NBC Securities Inc. grew its position in Royal Bank Of Canada by 100,405.3% during the first quarter. NBC Securities Inc. now owns 361,819 shares of the financial services provider's stock valued at $40,784,000 after acquiring an additional 361,459 shares during the period. Finally, Bessemer Group Inc. grew its position in Royal Bank Of Canada by 614.1% during the fourth quarter. Bessemer Group Inc. now owns 417,181 shares of the financial services provider's stock valued at $50,238,000 after acquiring an additional 358,762 shares during the period. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank Of Canada Trading Up 0.6%

NYSE:RY opened at $130.71 on Wednesday. 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 one year low of $105.31 and a one year high of $134.26. The business's 50-day simple moving average is $129.89 and its 200 day simple moving average is $122.10. The stock has a market cap of $183.75 billion, a price-to-earnings ratio of 14.52, a price-to-earnings-growth ratio of 1.49 and a beta of 0.89.

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 for the quarter, missing the consensus estimate 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 firm's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.92 earnings per share. As a group, sell-side analysts predict that Royal Bank Of Canada will post 9.16 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

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

Analyst Ratings Changes

Several research firms recently commented on RY. Wall Street Zen lowered shares of Royal Bank Of Canada from a "hold" rating to a "sell" rating in a report on Saturday, May 31st. Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a report on Monday, June 9th. National Bank Financial downgraded Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. Scotiabank assumed coverage on Royal Bank Of Canada in a research report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Finally, CIBC reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $193.00.

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.

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