Letko Brosseau & Associates Inc. Sells 252,593 Shares of Royal Bank Of Canada (NYSE:RY)

Key Points

• Letko Brosseau & Associates Inc. reduced its holdings in Royal Bank of Canada by 14.0%, selling 252,593 shares in the 1st quarter, leaving them with 1,546,167 shares.
• Analysts have mixed ratings for Royal Bank of Canada, with the stock receiving an average rating of "Moderate Buy" and a consensus price target of $193.00.
• The company announced a quarterly dividend increase from $1.03 to $1.1152, resulting in an annualized dividend of $4.46 and a yield of 3.44%.

Letko Brosseau & Associates Inc. trimmed its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 14.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,546,167 shares of the financial services provider's stock after selling 252,593 shares during the quarter. Royal Bank Of Canada accounts for 3.7% of Letko Brosseau & Associates Inc.'s portfolio, making the stock its 5th largest position. Letko Brosseau & Associates Inc. owned about 0.11% of Royal Bank Of Canada worth $174,142,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Baskin Financial Services Inc. raised its stake in Royal Bank Of Canada by 5.0% during the first quarter. Baskin Financial Services Inc. now owns 62,855 shares of the financial services provider's stock worth $7,079,000 after acquiring an additional 3,006 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Royal Bank Of Canada by 1.1% during the first quarter. Envestnet Asset Management Inc. now owns 341,776 shares of the financial services provider's stock worth $38,525,000 after purchasing an additional 3,767 shares during the last quarter. Capital Investment Counsel Inc grew its holdings in shares of Royal Bank Of Canada by 24.4% during the first quarter. Capital Investment Counsel Inc now owns 10,146 shares of the financial services provider's stock worth $1,144,000 after purchasing an additional 1,989 shares during the last quarter. Unigestion Holding SA grew its holdings in shares of Royal Bank Of Canada by 48.7% during the first quarter. Unigestion Holding SA now owns 210,566 shares of the financial services provider's stock worth $23,705,000 after purchasing an additional 68,939 shares during the last quarter. Finally, Diversified Trust Co grew its holdings in shares of Royal Bank Of Canada by 68.1% during the first quarter. Diversified Trust Co now owns 79,642 shares of the financial services provider's stock worth $8,977,000 after purchasing an additional 32,255 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank Of Canada Price Performance

NYSE RY traded down $0.98 during midday trading on Thursday, hitting $128.41. The company had a trading volume of 902,788 shares, compared to its average volume of 1,215,235. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. Royal Bank Of Canada has a twelve month low of $102.89 and a twelve month high of $134.26. The company has a market capitalization of $180.52 billion, a PE ratio of 14.27, a P/E/G ratio of 1.48 and a beta of 0.89. The firm has a 50-day moving average price of $129.80 and a 200-day moving average price of $121.87.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly earnings results on Thursday, May 29th. The financial services provider reported $2.20 EPS for the quarter, missing analysts' consensus estimates of $2.25 by ($0.05). The business had revenue of $11.38 billion for the quarter, compared to analyst estimates of $15.77 billion. Royal Bank Of Canada had a return on equity of 15.75% and a net margin of 13.37%. Royal Bank Of Canada's quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the firm posted $2.92 EPS. As a group, 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 firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, July 24th will be given a dividend of $1.1152 per share. This represents a $4.46 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Thursday, July 24th. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.03. Royal Bank Of Canada's dividend payout ratio is currently 50.33%.

Analyst Ratings Changes

Several research firms recently issued reports on RY. CIBC reiterated an "outperform" rating on shares of Royal Bank Of Canada in a report on Tuesday, May 20th. Wall Street Zen lowered Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research note on Saturday, May 31st. Scotiabank initiated coverage on Royal Bank Of Canada in a research note on Thursday, May 15th. They issued a "sector outperform" rating on the stock. Barclays reissued an "overweight" rating on shares of Royal Bank Of Canada in a research note on Monday, June 9th. Finally, National Bank Financial lowered 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, two have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Royal Bank Of Canada currently has an average rating of "Moderate Buy" and an average price target of $193.00.

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.