Prudential PLC Reduces Holdings in Royal Bank Of Canada (NYSE:RY)

Key Points

• Prudential PLC has reduced its stake in Royal Bank Of Canada by 13.2%, now holding 14,975 shares valued at approximately $1.69 million.
• Several institutional investors, including Vanguard Group Inc., have increased their stakes in the Royal Bank Of Canada, reflecting a shift in institutional interest.
• Royal Bank Of Canada announced a quarterly dividend increase to $1.1152 per share, resulting in an annual yield of 3.3% for investors.

Prudential PLC trimmed its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 13.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,975 shares of the financial services provider's stock after selling 2,272 shares during the quarter. Prudential PLC's holdings in Royal Bank Of Canada were worth $1,687,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Park Square Financial Group LLC bought a new position in shares of Royal Bank Of Canada in the 4th quarter worth about $25,000. Sunbelt Securities Inc. increased its stake in shares of Royal Bank Of Canada by 2,272.7% in the 1st quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock worth $29,000 after acquiring an additional 250 shares in the last quarter. Optiver Holding B.V. bought a new position in shares of Royal Bank Of Canada in the 4th quarter worth about $35,000. Transce3nd LLC bought a new stake in Royal Bank Of Canada during the 4th quarter valued at about $37,000. Finally, Cullen Frost Bankers Inc. increased its stake in Royal Bank Of Canada by 295.4% during the 1st quarter. Cullen Frost Bankers Inc. now owns 344 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 257 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors.

Royal Bank Of Canada Stock Performance

Shares of NYSE RY traded down $0.12 during trading on Friday, reaching $136.47. 771,993 shares of the company traded hands, compared to its average volume of 1,357,489. The firm has a 50 day simple moving average of $131.01 and a 200-day simple moving average of $122.78. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $191.85 billion, a PE ratio of 15.16, a P/E/G ratio of 1.55 and a beta of 0.89. Royal Bank Of Canada has a 52-week low of $106.10 and a 52-week high of $137.25.

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

Royal Bank Of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, July 24th will be issued a $1.1152 dividend. The ex-dividend date of this dividend is Thursday, July 24th. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.03. This represents a $4.46 dividend on an annualized basis and a dividend yield of 3.3%. Royal Bank Of Canada's payout ratio is 50.33%.

Analyst Ratings Changes

A number of research firms have weighed in on RY. Wall Street Zen lowered shares of Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research note on Saturday, May 31st. Scotiabank began coverage on shares of Royal Bank Of Canada in a research note on Thursday, May 15th. They set a "sector outperform" rating for the company. Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a research note on Thursday. National Bankshares restated a "sector perform" rating on shares of Royal Bank Of Canada in a research note on Friday. Finally, National Bank Financial lowered shares of Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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.