Royal Bank Of Canada $RY Position Boosted by QRG Capital Management Inc.

Key Points

• QRG Capital Management more than doubled its position in Royal Bank of Canada in the first quarter, buying an additional 5,885 shares and bringing its total stake to 11,556 shares worth about $1.87 million.
• Royal Bank of Canada recently beat quarterly expectations, posting EPS of $2.84 versus $2.81 expected and revenue of $12.84 billion, up 11.4% year over year.
• The bank also raised its quarterly dividend to $1.76 per share from $1.64, implying an annualized payout of $7.04 and a dividend yield of 3.4%.

QRG Capital Management Inc. increased its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 103.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,556 shares of the financial services provider's stock after purchasing an additional 5,885 shares during the period. QRG Capital Management Inc.'s holdings in Royal Bank Of Canada were worth $1,869,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. HighTower Advisors LLC lifted its position in shares of Royal Bank Of Canada by 18.5% in the 4th quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider's stock worth $16,407,000 after buying an additional 15,046 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Royal Bank Of Canada by 6.1% during the 4th quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider's stock valued at $1,086,601,000 after buying an additional 368,534 shares during the last quarter. Rathbones Group PLC raised its stake in Royal Bank Of Canada by 9.0% during the fourth quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider's stock worth $55,480,000 after acquiring an additional 26,782 shares during the period. Legal & General Group Plc raised its stake in Royal Bank Of Canada by 3.6% during the third quarter. Legal & General Group Plc now owns 8,275,134 shares of the financial services provider's stock worth $1,219,924,000 after acquiring an additional 287,504 shares during the period. Finally, Indivisible Partners bought a new position in Royal Bank Of Canada in the fourth quarter worth about $7,335,000. Institutional investors and hedge funds own 45.31% of the company's stock.

Analysts Set New Price Targets

RY has been the subject of several recent research reports. Argus set a $225.00 target price on Royal Bank Of Canada in a report on Thursday, June 11th. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. TD Securities reaffirmed a "buy" rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Finally, Weiss Ratings cut Royal Bank Of Canada from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Monday, June 29th. Ten analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Royal Bank Of Canada presently has a consensus rating of "Moderate Buy" and an average price target of $225.00.

Royal Bank Of Canada Stock Performance

RY opened at $209.19 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. The business's 50 day moving average is $192.78 and its 200-day moving average is $177.13. The stock has a market cap of $290.72 billion, a PE ratio of 18.80, a price-to-earnings-growth ratio of 1.65 and a beta of 0.80. Royal Bank Of Canada has a twelve month low of $127.38 and a twelve month high of $209.64.

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

Royal Bank Of Canada Increases Dividend

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

About Royal Bank Of Canada

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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