RFG Advisory LLC Has $339,000 Stock Holdings in Royal Bank Of Canada $RY

Key Points

• RFG Advisory LLC sharply cut its Royal Bank of Canada stake by 86.6% in the first quarter, leaving it with 2,097 shares valued at about $339,000.
• Royal Bank of Canada reported better-than-expected earnings for the quarter, with EPS of $2.84 and revenue of $12.84 billion, while revenue rose 11.4% year over year.
• The bank also raised its quarterly dividend to $1.76 per share, implying an annualized payout of $7.04 and a 3.4% yield.

RFG Advisory LLC reduced its stake in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 86.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 2,097 shares of the financial services provider's stock after selling 13,499 shares during the period. RFG Advisory LLC's holdings in Royal Bank Of Canada were worth $339,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in RY. HighTower Advisors LLC lifted its holdings in shares of Royal Bank Of Canada by 18.5% in the fourth quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider's stock valued at $16,407,000 after purchasing an additional 15,046 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Royal Bank Of Canada by 6.1% during the fourth quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider's stock worth $1,086,601,000 after buying an additional 368,534 shares during the period. Rathbones Group PLC grew its holdings in shares of Royal Bank Of Canada by 9.0% during the fourth quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider's stock worth $55,480,000 after buying an additional 26,782 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Royal Bank Of Canada by 3.6% during the third quarter. Legal & General Group Plc now owns 8,275,134 shares of the financial services provider's stock worth $1,219,924,000 after buying an additional 287,504 shares in the last quarter. Finally, Indivisible Partners acquired a new stake in Royal Bank Of Canada in the 4th quarter valued at approximately $7,335,000. Institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Trading Up 1.0%

Shares of Royal Bank Of Canada stock opened at $206.85 on Wednesday. The stock has a market cap of $287.47 billion, a P/E ratio of 18.59, a P/E/G ratio of 1.62 and a beta of 0.81. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. Royal Bank Of Canada has a 12-month low of $127.38 and a 12-month high of $207.22. The business's 50 day moving average is $189.78 and its 200-day moving average is $175.70.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $2.81 by $0.03. The business had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The firm's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the previous year, the company earned $3.12 earnings per share. Equities research analysts predict that Royal Bank Of Canada will post 11.45 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be issued a $1.76 dividend. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, July 27th. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.64. Royal Bank Of Canada's payout ratio is currently 42.41%.

Analysts Set New Price Targets

Several equities research analysts have commented on RY shares. Raymond James Financial cut Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 12th. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. Canadian Imperial Bank of Commerce reiterated a "neutral" rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Weiss Ratings upgraded shares of Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday, June 15th. Finally, TD Securities restated a "buy" rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $225.00.

Royal Bank Of Canada Company Profile

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.

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