AGF Management Ltd. Purchases 351,298 Shares of Royal Bank Of Canada (NYSE:RY)

Key Points

• AGF Management Ltd. has increased its stake in the Royal Bank Of Canada by 15.8%, making it the firm's 10th largest position with approximately $291 million invested.
• The Royal Bank Of Canada reported earnings per share of $2.20, missing the consensus estimate of $2.25, with revenue of $11.38 billion for the quarter.
• The bank announced a quarterly dividend of $1.1152 per share, increasing from the previous quarterly dividend of $1.03, which represents a dividend yield of 3.4%.

AGF Management Ltd. increased its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 15.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,581,744 shares of the financial services provider's stock after acquiring an additional 351,298 shares during the quarter. Royal Bank Of Canada comprises about 1.6% of AGF Management Ltd.'s investment portfolio, making the stock its 10th biggest position. AGF Management Ltd. owned about 0.18% of Royal Bank Of Canada worth $291,014,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Royal Bank Of Canada by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 62,571,520 shares of the financial services provider's stock worth $7,048,307,000 after purchasing an additional 3,387,971 shares during the period. TD Asset Management Inc increased its holdings in shares of Royal Bank Of Canada by 0.9% during the 1st quarter. TD Asset Management Inc now owns 31,515,404 shares of the financial services provider's stock worth $3,549,520,000 after purchasing an additional 277,466 shares during the period. Bank of Nova Scotia increased its holdings in shares of Royal Bank Of Canada by 8.0% during the 1st quarter. Bank of Nova Scotia now owns 16,802,214 shares of the financial services provider's stock worth $1,892,975,000 after purchasing an additional 1,249,589 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Royal Bank Of Canada by 2.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,431,721 shares of the financial services provider's stock worth $1,287,927,000 after purchasing an additional 319,270 shares during the period. Finally, Scotia Capital Inc. increased its holdings in shares of Royal Bank Of Canada by 0.4% during the 1st quarter. Scotia Capital Inc. now owns 8,924,206 shares of the financial services provider's stock worth $1,003,385,000 after purchasing an additional 33,183 shares during the period. Institutional investors own 45.31% of the company's stock.

Wall Street Analysts Forecast Growth

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

Royal Bank Of Canada Price Performance

Shares of Royal Bank Of Canada stock traded up $1.31 during trading on Tuesday, hitting $134.74. 874,974 shares of the company's stock traded hands, compared to its average volume of 1,259,076. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.82 and a quick ratio of 0.82. The firm's fifty day moving average price is $130.47 and its 200 day moving average price is $122.49. Royal Bank Of Canada has a twelve month low of $106.10 and a twelve month high of $135.09. The company has a market cap of $189.42 billion, a PE ratio of 14.97, a PEG ratio of 1.53 and a beta of 0.89.

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 for the quarter, missing the consensus estimate of $2.25 by ($0.05). Royal Bank Of Canada had a net margin of 13.37% and a return on equity of 15.75%. The business had revenue of $11.38 billion for the quarter, compared to analyst estimates of $15.77 billion. During the same quarter last year, the firm posted $2.92 earnings per share. Royal Bank Of Canada's revenue was up 10.7% on a year-over-year basis. Analysts forecast that Royal Bank Of Canada will post 9.16 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, July 24th will be given a $1.1152 dividend. This represents a $4.46 dividend on an annualized basis and a yield of 3.3%. This is a boost 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%.

Royal Bank Of Canada Company 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.