Royal Bank Of Canada $RY is K.J. Harrison & Partners Inc's 3rd Largest Position

Key Points

• K.J. Harrison & Partners Inc reduced its Royal Bank of Canada stake by 15.5% in the first quarter, but RY remains its 3rd largest position, accounting for about 3.3% of the firm’s holdings.
• Royal Bank of Canada reported better-than-expected quarterly earnings, posting $2.84 per share on revenue of $12.84 billion, with revenue up 11.4% year over year.
• The bank also raised its quarterly dividend to $1.76 per share, and analysts currently rate the stock a Moderate Buy with an average price target of $225.

K.J. Harrison & Partners Inc lessened its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 15.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 125,577 shares of the financial services provider's stock after selling 22,973 shares during the period. Royal Bank Of Canada comprises approximately 3.3% of K.J. Harrison & Partners Inc's holdings, making the stock its 3rd biggest holding. K.J. Harrison & Partners Inc's holdings in Royal Bank Of Canada were worth $20,260,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Harvest Fund Management Co. Ltd acquired a new stake in Royal Bank Of Canada in the 4th quarter valued at $25,000. Tradewinds Capital Management LLC acquired a new position in shares of Royal Bank Of Canada during the fourth quarter worth about $26,000. Key Financial Inc boosted its position in shares of Royal Bank Of Canada by 63.0% in the first quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock worth $26,000 after buying an additional 63 shares during the period. Maseco LLP boosted its position in shares of Royal Bank Of Canada by 355.0% in the first quarter. Maseco LLP now owns 182 shares of the financial services provider's stock worth $29,000 after buying an additional 142 shares during the period. Finally, Johnson Financial Group Inc. purchased a new stake in shares of Royal Bank Of Canada in the third quarter worth about $27,000. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank Of Canada Price Performance

RY stock opened at $204.64 on Friday. The stock's 50 day moving average is $191.45 and its two-hundred day moving average is $176.46. Royal Bank Of Canada has a 52-week low of $127.38 and a 52-week high of $209.37. The company has a market capitalization of $284.39 billion, a PE ratio of 18.39, a P/E/G ratio of 1.62 and a beta of 0.80. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $2.81 by $0.03. The business had revenue of $12.84 billion during the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The business's quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.12 earnings per share. Analysts predict that Royal Bank Of Canada will post 11.45 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be paid a $1.76 dividend. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.64. The ex-dividend date is Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.4%. Royal Bank Of Canada's dividend payout ratio (DPR) is currently 42.41%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Weiss Ratings lowered Royal Bank Of Canada from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Monday, June 29th. Scotiabank reiterated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Raymond James Financial cut shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 12th. TD Securities restated a "buy" rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Finally, Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Ten investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $225.00.

Royal Bank Of Canada 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.

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