Raymond James Financial Inc. Increases Stock Position in Royal Bank Of Canada $RY

Key Points

• Raymond James Financial Inc. increased its stake in Royal Bank Of Canada (RY) by 1.3%, owning a total of 504,807 shares valued at approximately $56.9 million.
• Royal Bank Of Canada declared a quarterly dividend of $1.1152, raising its annualized dividend to $4.46, which corresponds to a yield of 3.3%.
• Despite mixed analyst ratings, the average price target for Royal Bank Of Canada shares is currently set at $193.00, with a general rating of "Moderate Buy."

Raymond James Financial Inc. boosted its stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 1.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 504,807 shares of the financial services provider's stock after purchasing an additional 6,640 shares during the quarter. Raymond James Financial Inc.'s holdings in Royal Bank Of Canada were worth $56,902,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of RY. Goldman Sachs Group Inc. raised its stake in Royal Bank Of Canada by 129.9% in the first quarter. Goldman Sachs Group Inc. now owns 7,063,761 shares of the financial services provider's stock valued at $796,227,000 after purchasing an additional 3,990,839 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Royal Bank Of Canada by 5.7% during the first quarter. Vanguard Group Inc. now owns 62,571,520 shares of the financial services provider's stock worth $7,048,307,000 after acquiring an additional 3,387,971 shares in the last quarter. Bank of Nova Scotia raised its stake in shares of Royal Bank Of Canada by 8.0% during the first quarter. Bank of Nova Scotia now owns 16,802,214 shares of the financial services provider's stock worth $1,892,975,000 after acquiring an additional 1,249,589 shares in the last quarter. Nuveen LLC purchased a new position in shares of Royal Bank Of Canada during the first quarter worth approximately $114,327,000. Finally, QV Investors Inc. purchased a new position in shares of Royal Bank Of Canada during the first quarter worth approximately $51,164,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on RY shares. CIBC reissued an "outperform" rating on shares of Royal Bank Of Canada in a research note on Tuesday, May 20th. Wall Street Zen downgraded shares of Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research note on Saturday, May 31st. National Bankshares reissued a "sector perform" rating on shares of Royal Bank Of Canada in a research note on Friday, August 15th. Barclays reissued an "overweight" rating on shares of Royal Bank Of Canada in a research note on Thursday, August 14th. Finally, Scotiabank assumed coverage on shares of Royal Bank Of Canada in a research note on Thursday, May 15th. They set a "sector outperform" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $193.00.

Royal Bank Of Canada Stock Up 0.1%

Shares of Royal Bank Of Canada stock opened at $136.4890 on Thursday. 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 52-week low of $106.10 and a 52-week high of $137.25. The stock has a market capitalization of $191.80 billion, a price-to-earnings ratio of 15.17, a P/E/G ratio of 1.58 and a beta of 0.89. The company's 50 day moving average price is $131.52 and its 200-day moving average price is $123.06.

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 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $15.77 billion. During the same quarter in the prior year, the business posted $2.92 EPS. The firm's revenue for the quarter was up 10.7% on a year-over-year basis. Equities research analysts forecast 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. Investors of record on Thursday, July 24th will be issued a $1.1152 dividend. This represents a $4.46 annualized dividend and a yield of 3.3%. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.03. The ex-dividend date is Thursday, July 24th. Royal Bank Of Canada's dividend payout ratio (DPR) is presently 50.33%.

About Royal Bank Of Canada

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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