Connor Clark & Lunn Investment Management Ltd. Buys 319,270 Shares of Royal Bank Of Canada (NYSE:RY)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Royal Bank Of Canada (RY) by 2.9%, making it the largest position in their portfolio, with ownership of 11,431,721 shares valued at approximately $1.29 billion.
• Royal Bank Of Canada recently declared a quarterly dividend of $1.1152 per share, marking an increase from the previous $1.03, with a current dividend yield of 3.4%.
• Despite a revenue miss in its latest earnings report, with $11.38 billion against expectations of $15.77 billion, the company's revenue was up 10.7% compared to the same quarter last year.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 2.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,431,721 shares of the financial services provider's stock after buying an additional 319,270 shares during the period. Royal Bank Of Canada comprises 5.6% of Connor Clark & Lunn Investment Management Ltd.'s holdings, making the stock its largest holding. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.81% of Royal Bank Of Canada worth $1,287,927,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in RY. Baskin Financial Services Inc. boosted its position in Royal Bank Of Canada by 5.0% in the 1st quarter. Baskin Financial Services Inc. now owns 62,855 shares of the financial services provider's stock valued at $7,079,000 after buying an additional 3,006 shares during the period. Envestnet Asset Management Inc. boosted its position in Royal Bank Of Canada by 1.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 341,776 shares of the financial services provider's stock valued at $38,525,000 after buying an additional 3,767 shares during the period. Capital Investment Counsel Inc boosted its position in Royal Bank Of Canada by 24.4% in the 1st quarter. Capital Investment Counsel Inc now owns 10,146 shares of the financial services provider's stock valued at $1,144,000 after buying an additional 1,989 shares during the period. Unigestion Holding SA boosted its position in Royal Bank Of Canada by 48.7% in the 1st quarter. Unigestion Holding SA now owns 210,566 shares of the financial services provider's stock valued at $23,705,000 after buying an additional 68,939 shares during the period. Finally, Diversified Trust Co boosted its position in Royal Bank Of Canada by 68.1% in the 1st quarter. Diversified Trust Co now owns 79,642 shares of the financial services provider's stock valued at $8,977,000 after buying an additional 32,255 shares during the period. 45.31% of the stock is currently owned by institutional investors.

Royal Bank Of Canada Stock Up 1.0%

Shares of RY traded up $1.31 during mid-day trading on Tuesday, hitting $134.74. The company's stock had a trading volume of 874,974 shares, compared to its average volume of 1,245,568. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $189.42 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 1.52 and a beta of 0.89. The company's 50-day moving average is $130.33 and its 200-day moving average is $122.41. Royal Bank Of Canada has a 52-week low of $106.10 and a 52-week high of $135.09.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly earnings data on Thursday, May 29th. The financial services provider reported $2.20 EPS for the quarter, missing the consensus estimate of $2.25 by ($0.05). The firm had revenue of $11.38 billion for the quarter, compared to the consensus estimate of $15.77 billion. Royal Bank Of Canada had a return on equity of 15.75% and a net margin of 13.37%. The company's revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.92 EPS. On average, equities research analysts forecast that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, July 24th will be paid a dividend of $1.1152 per share. This is a boost 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 3.3%. Royal Bank Of Canada's dividend payout ratio (DPR) is presently 50.33%.

Analyst Ratings Changes

Several research firms have issued reports on RY. National Bank Financial cut shares of Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. 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. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a research report on Monday, June 9th. CIBC reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research report on Tuesday, May 20th. Finally, 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Royal Bank Of Canada currently has an average rating of "Moderate Buy" and a consensus price target 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.