Mackenzie Financial Corp Reduces Stake in Royal Bank Of Canada (NYSE:RY)

Key Points

• Mackenzie Financial Corp has reduced its holdings in Royal Bank of Canada by 0.3%, now owning approximately 23.2 million shares, which constitutes about 3.7% of its total portfolio.
• Royal Bank of Canada is scheduled to increase its quarterly dividend to $1.1152 per share, offering an annualized yield of 3.38%, up from the previous $1.03 dividend.
• Analysts have mixed ratings on the stock, with a consensus rating of "Moderate Buy" and an average target price of $193.00.

Mackenzie Financial Corp reduced its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 0.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,198,680 shares of the financial services provider's stock after selling 75,914 shares during the quarter. Royal Bank Of Canada accounts for approximately 3.7% of Mackenzie Financial Corp's investment portfolio, making the stock its biggest holding. Mackenzie Financial Corp owned approximately 1.64% of Royal Bank Of Canada worth $2,613,096,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Park Square Financial Group LLC acquired a new position in shares of Royal Bank Of Canada in the fourth quarter valued at about $25,000. Sunbelt Securities Inc. grew its stake in shares of Royal Bank Of Canada by 2,272.7% in the first quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 250 shares in the last quarter. Optiver Holding B.V. acquired a new position in shares of Royal Bank Of Canada in the fourth quarter valued at about $35,000. Transce3nd LLC acquired a new position in shares of Royal Bank Of Canada in the fourth quarter valued at about $37,000. Finally, Cullen Frost Bankers Inc. grew its stake in shares of Royal Bank Of Canada by 295.4% in the first quarter. Cullen Frost Bankers Inc. now owns 344 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 257 shares in the last quarter. 45.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. 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. Cibc World Mkts upgraded shares of Royal Bank Of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 3rd. CIBC reiterated an "outperform" rating on shares of Royal Bank Of Canada in a report on Tuesday, May 20th. Scotiabank began coverage on shares of Royal Bank Of Canada in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Finally, Barclays reiterated an "overweight" rating on shares of Royal Bank Of Canada in a report on Monday, June 9th. One 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $193.00.

Royal Bank Of Canada Trading Down 1.2%

NYSE:RY traded down $1.58 on Monday, reaching $130.47. 589,900 shares of the stock traded hands, compared to its average volume of 1,244,503. The firm has a market capitalization of $184.04 billion, a price-to-earnings ratio of 14.50, a price-to-earnings-growth ratio of 1.51 and a beta of 0.89. The company's 50 day moving average is $129.63 and its 200-day moving average is $121.70. 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 1-year low of $102.89 and a 1-year high of $134.26.

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 for the quarter, missing analysts' consensus estimates of $2.25 by ($0.05). The firm had revenue of $11.38 billion for the quarter, compared to analyst estimates of $15.77 billion. Royal Bank Of Canada had a net margin of 13.37% and a return on equity of 15.75%. The business's revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.92 EPS. Equities research analysts anticipate that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, July 24th will be given a dividend of $1.1152 per share. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.03. The ex-dividend date is Thursday, July 24th. This represents a $4.46 annualized dividend and a dividend yield of 3.42%. Royal Bank Of Canada's dividend payout ratio (DPR) is 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.