Royal Bank Of Canada (NYSE:RY) Shares Sold by Citigroup Inc.

Key Points

• Citigroup Inc. has reduced its holdings in the Royal Bank of Canada by 28.6%, now owning 339,218 shares worth approximately $38.2 million after selling 136,203 shares during the 1st quarter.
• Royal Bank of Canada reported $2.20 earnings per share for the latest quarter, missing analysts' expectations of $2.25 by $0.05, despite a 10.7% increase in quarterly revenue compared to the previous year.
• The company announced a quarterly dividend increase to $1.1152 per share, a 3.3% yield, with payment scheduled for August 22nd, marking an increase from the previous dividend of $1.03.

Citigroup Inc. lowered its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 28.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 339,218 shares of the financial services provider's stock after selling 136,203 shares during the quarter. Citigroup Inc.'s holdings in Royal Bank Of Canada were worth $38,205,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Maryland State Retirement & Pension System lifted its position in shares of Royal Bank Of Canada by 59.3% during the 1st quarter. Maryland State Retirement & Pension System now owns 132,697 shares of the financial services provider's stock valued at $14,944,000 after acquiring an additional 49,420 shares during the last quarter. CenterBook Partners LP lifted its holdings in shares of Royal Bank Of Canada by 351.0% during the first quarter. CenterBook Partners LP now owns 61,868 shares of the financial services provider's stock valued at $6,974,000 after purchasing an additional 48,150 shares during the last quarter. Deutsche Bank AG boosted its position in shares of Royal Bank Of Canada by 23.4% in the 1st quarter. Deutsche Bank AG now owns 2,036,417 shares of the financial services provider's stock valued at $229,545,000 after purchasing an additional 385,575 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Royal Bank Of Canada by 0.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,574,879 shares of the financial services provider's stock worth $402,634,000 after purchasing an additional 26,838 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. acquired a new stake in Royal Bank Of Canada during the 1st quarter worth about $4,139,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank Of Canada Stock Performance

RY stock opened at $133.41 on Tuesday. The firm has a 50 day simple moving average of $130.33 and a 200 day simple moving average of $122.41. Royal Bank Of Canada has a 52 week low of $106.10 and a 52 week high of $134.26. The stock has a market cap of $187.55 billion, a P/E ratio of 14.82, a P/E/G ratio of 1.52 and a beta of 0.89. 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 (NYSE:RY - Get Free Report) TSE: RY last released its 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). Royal Bank Of Canada had a return on equity of 15.75% and a net margin of 13.37%. The company had revenue of $11.38 billion during the quarter, compared to analysts' expectations of $15.77 billion. During the same quarter in the previous year, the company earned $2.92 EPS. The firm's quarterly revenue was up 10.7% compared to the same quarter last year. Research analysts anticipate that Royal Bank Of Canada will post 9.16 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 Friday, August 22nd. Shareholders of record on Thursday, July 24th will be given a $1.1152 dividend. This represents a $4.46 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Thursday, July 24th. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.03. Royal Bank Of Canada's payout ratio is currently 50.33%.

Wall Street Analyst Weigh In

Several research analysts have commented on RY shares. Barclays reiterated an "overweight" rating on shares of Royal Bank Of Canada in a report on Monday, June 9th. Scotiabank started coverage on shares of Royal Bank Of Canada in a research report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Wall Street Zen cut shares of Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research report on Saturday, May 31st. National Bank Financial downgraded shares of Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Finally, CIBC restated an "outperform" rating on shares of Royal Bank Of Canada in a report on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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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