Royal Bank Of Canada $RY is Cidel Asset Management Inc.'s 3rd Largest Position

Key Points

• Cidel Asset Management cut its stake in Royal Bank of Canada by 50.7% in Q4 and now holds 293,353 shares worth about $50.08 million, making RY its third-largest position (3.5% of the portfolio).
• RBC topped Q4 estimates with $2.94 EPS versus $2.81 expected and reported $13.18 billion in revenue (up 4.4% year-over-year), with a return on equity of 17.12%.
• The bank declared a quarterly dividend of $1.64 (annualized $6.56), implying a 4.0% yield; the ex-dividend date is April 23 and the dividend is payable May 22.

Cidel Asset Management Inc. lowered its stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 50.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 293,353 shares of the financial services provider's stock after selling 302,025 shares during the quarter. Royal Bank Of Canada comprises 3.5% of Cidel Asset Management Inc.'s portfolio, making the stock its 3rd largest position. Cidel Asset Management Inc.'s holdings in Royal Bank Of Canada were worth $50,075,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RY. Canada Pension Plan Investment Board grew its position in Royal Bank Of Canada by 8.2% in the second quarter. Canada Pension Plan Investment Board now owns 6,867,900 shares of the financial services provider's stock valued at $905,726,000 after acquiring an additional 521,132 shares in the last quarter. Vontobel Holding Ltd. lifted its position in shares of Royal Bank Of Canada by 289.6% during the third quarter. Vontobel Holding Ltd. now owns 358,695 shares of the financial services provider's stock worth $52,856,000 after purchasing an additional 266,636 shares in the last quarter. Osaic Holdings Inc. boosted its stake in shares of Royal Bank Of Canada by 104.6% in the second quarter. Osaic Holdings Inc. now owns 75,866 shares of the financial services provider's stock valued at $9,136,000 after purchasing an additional 38,794 shares during the period. Truist Financial Corp grew its holdings in Royal Bank Of Canada by 10.6% during the 3rd quarter. Truist Financial Corp now owns 101,173 shares of the financial services provider's stock valued at $14,905,000 after purchasing an additional 9,677 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Royal Bank Of Canada by 2.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 344,993 shares of the financial services provider's stock valued at $50,824,000 after purchasing an additional 7,278 shares in the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RY shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Royal Bank Of Canada in a report on Thursday, January 22nd. Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research report on Friday, January 9th. BMO Capital Markets reiterated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Wednesday, December 17th. Raymond James Financial reissued an "outperform" rating on shares of Royal Bank Of Canada in a report on Friday, February 13th. Finally, Zacks Research lowered Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 3rd. Eleven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $162.00.

Royal Bank Of Canada Price Performance

Shares of NYSE RY opened at $163.43 on Monday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $228.42 billion, a price-to-earnings ratio of 15.64, a price-to-earnings-growth ratio of 1.23 and a beta of 0.78. Royal Bank Of Canada has a twelve month low of $106.10 and a twelve month high of $176.19. The business has a 50 day simple moving average of $166.45 and a 200-day simple moving average of $159.73.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its quarterly earnings data on Thursday, February 26th. The financial services provider reported $2.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.13. The firm had revenue of $13.18 billion for the quarter, compared to analysts' expectations of $12.60 billion. Royal Bank Of Canada had a return on equity of 17.12% and a net margin of 15.28%.The firm's revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the business posted $3.62 earnings per share. As a group, equities research analysts expect that Royal Bank Of Canada will post 9.16 earnings per share for the current year.

Royal Bank Of Canada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Thursday, April 23rd will be given a $1.64 dividend. This represents a $6.56 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Thursday, April 23rd. Royal Bank Of Canada's dividend payout ratio (DPR) is presently 45.74%.

Royal Bank Of Canada Company Profile

Royal Bank of Canada NYSE: RY is a diversified financial services company and one of Canada's largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.

Want to see what other hedge funds are holding RY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.