Ameriprise Financial Inc. Boosts Stake in Royal Bank Of Canada $RY

Key Points

• Ameriprise Financial Inc. increased its stake in Royal Bank Of Canada by 299.7%, owning 841,497 shares worth approximately $99.93 million after acquiring an additional 630,969 shares in Q1.
• Royal Bank Of Canada recently increased its quarterly dividend to $1.1152 per share, up from $1.03, resulting in an annualized dividend yield of 3.3%.
• Wall Street analysts have mixed ratings for Royal Bank Of Canada, with one Strong Buy, four Buy, three Hold, and an average target price set at $193.00.

Ameriprise Financial Inc. grew its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 299.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 841,497 shares of the financial services provider's stock after purchasing an additional 630,969 shares during the period. Ameriprise Financial Inc. owned about 0.06% of Royal Bank Of Canada worth $99,930,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in RY. Brighton Jones LLC lifted its stake in Royal Bank Of Canada by 33.1% during the fourth quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider's stock worth $279,000 after purchasing an additional 575 shares during the last quarter. Guggenheim Capital LLC lifted its stake in Royal Bank Of Canada by 26.7% during the fourth quarter. Guggenheim Capital LLC now owns 2,687 shares of the financial services provider's stock worth $324,000 after purchasing an additional 566 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Royal Bank Of Canada by 544.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,196 shares of the financial services provider's stock worth $265,000 after purchasing an additional 1,855 shares during the last quarter. Stifel Financial Corp lifted its stake in Royal Bank Of Canada by 6.2% during the fourth quarter. Stifel Financial Corp now owns 28,393 shares of the financial services provider's stock worth $3,422,000 after purchasing an additional 1,650 shares during the last quarter. Finally, Pinebridge Investments L.P. bought a new stake in Royal Bank Of Canada during the fourth quarter worth about $183,000. Institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Trading Up 0.5%

NYSE:RY traded up $0.76 during mid-day trading on Thursday, reaching $146.02. 1,115,168 shares of the company's stock traded hands, compared to its average volume of 1,152,271. Royal Bank Of Canada has a 12-month low of $106.10 and a 12-month high of $147.64. The company has a 50 day moving average price of $132.91 and a 200-day moving average price of $123.93. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $205.19 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 1.68 and a beta of 0.89.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its earnings results on Wednesday, August 27th. The financial services provider reported $2.79 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.43. Royal Bank Of Canada had a return on equity of 16.31% and a net margin of 14.03%.The firm had revenue of $12.26 billion for the quarter, compared to the consensus estimate of $16.03 billion. During the same quarter in the prior year, the business earned $3.26 EPS. The business's revenue for the quarter was up 16.1% on a year-over-year basis. On average, sell-side analysts predict that Royal Bank Of Canada will post 9.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RY has been the subject of several research analyst reports. CIBC reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research note on Tuesday, May 20th. Wall Street Zen lowered Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research note on Saturday, May 31st. Cowen reissued a "hold" rating on shares of Royal Bank Of Canada in a research note on Thursday. Scotiabank initiated coverage on Royal Bank Of Canada in a research note on Thursday, May 15th. They issued a "sector outperform" rating for the company. Finally, National Bankshares reissued a "sector perform" rating on shares of Royal Bank Of Canada in a research note on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.