Royal Bank Of Canada $RY Shares Sold by BCV Asset Management Inc.

Key Points

• BCV Asset Management cut its Royal Bank of Canada position by 16.4% in the third quarter, selling 127,946 shares; it retained 652,304 shares valued at about $129.2 million.
• Analysts give RY a consensus “Moderate Buy” rating, with an average price target of $227. The bank also beat quarterly earnings estimates, reporting EPS of $3.07 versus a $2.89 consensus.
• RBC announced a quarterly dividend of C$1.76 per share, equivalent to C$7.04 annually and a 3.5% yield.

BCV Asset Management Inc. lowered its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 16.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 652,304 shares of the financial services provider's stock after selling 127,946 shares during the quarter. Royal Bank Of Canada accounts for approximately 4.0% of BCV Asset Management Inc.'s holdings, making the stock its 4th biggest holding. BCV Asset Management Inc.'s holdings in Royal Bank Of Canada were worth $129,169,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Bank of Nova Scotia acquired a new stake in Royal Bank Of Canada in the 2nd quarter valued at about $2,549,157,000. The Manufacturers Life Insurance Company purchased a new position in Royal Bank Of Canada during the 2nd quarter valued at about $2,296,717,000. Canada Pension Plan Investment Board acquired a new position in Royal Bank Of Canada during the second quarter worth about $2,275,797,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Royal Bank Of Canada during the second quarter worth about $2,260,820,000. Finally, Legal & General Group Plc purchased a new stake in shares of Royal Bank Of Canada in the second quarter valued at about $1,645,758,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on RY shares. Scotiabank reiterated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Friday, August 28th. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 19th. Keefe, Bruyette & Woods assumed coverage on Royal Bank Of Canada in a research note on Friday, August 21st. They issued a "market perform" rating on the stock. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a research note on Friday, August 21st. Finally, TD Securities reiterated a "buy" rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $227.00.

Royal Bank Of Canada Price Performance

RY stock opened at $202.27 on Friday. Royal Bank Of Canada has a 52-week low of $144.56 and a 52-week high of $218.57. The stock's fifty day simple moving average is $201.11 and its 200-day simple moving average is $190.88. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $279.95 billion, a price-to-earnings ratio of 17.45, a price-to-earnings-growth ratio of 1.69 and a beta of 0.79.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its earnings results on Thursday, August 27th. The financial services provider reported $3.07 EPS for the quarter, beating the consensus estimate of $2.89 by $0.18. Royal Bank Of Canada had a return on equity of 17.79% and a net margin of 16.17%. The firm had revenue of $13.22 billion during the quarter, compared to analyst estimates of $12.98 billion. Equities research analysts expect that Royal Bank Of Canada will post 11.77 EPS for the current year.

Royal Bank Of Canada Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Monday, October 26th will be issued a C$1.76 dividend. This represents a $7.04 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, October 26th. Royal Bank Of Canada's payout ratio is presently 43.31%.

Royal Bank Of Canada Profile

Royal Bank of Canada (RBC) is a diversified financial services company founded in 1864 and headquartered in Toronto, Ontario. It provides personal and commercial banking, wealth management, insurance, investor and treasury services, and capital markets services to individuals, businesses, institutions, and governments. In Canada, RBC offers banking products such as deposit accounts, loans, mortgages, credit cards, and financial advice. Its wealth management and insurance businesses provide investment, advisory, and protection services, while its capital markets operations serve corporate and institutional clients.

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