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

Key Points

• Cidel Asset Management reduced its Royal Bank of Canada stake by 5.8% in the second quarter, selling 32,341 shares. It still held 521,130 shares worth approximately $107.9 million, representing 5.2% of its portfolio.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $225. Royal Bank of Canada recently exceeded quarterly earnings and revenue expectations.
• The bank announced a quarterly dividend of $1.76 per share, equivalent to $7.04 annually and a 3.4% yield. Shares recently traded at $208.99, down 0.8%.

Cidel Asset Management Inc. cut its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 5.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 521,130 shares of the financial services provider's stock after selling 32,341 shares during the quarter. Royal Bank Of Canada makes up 5.2% of Cidel Asset Management Inc.'s holdings, making the stock its biggest holding. Cidel Asset Management Inc.'s holdings in Royal Bank Of Canada were worth $107,873,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RY. NorthRock Partners LLC acquired a new position in Royal Bank Of Canada during the second quarter worth about $267,000. Integrated Wealth Concepts LLC grew its holdings in shares of Royal Bank Of Canada by 64.4% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 9,738 shares of the financial services provider's stock valued at $2,016,000 after purchasing an additional 3,813 shares during the last quarter. RFG Advisory LLC grew its holdings in shares of Royal Bank Of Canada by 3.4% during the 2nd quarter. RFG Advisory LLC now owns 2,168 shares of the financial services provider's stock valued at $449,000 after purchasing an additional 71 shares during the last quarter. NewEdge Advisors LLC increased its position in Royal Bank Of Canada by 4.1% during the 2nd quarter. NewEdge Advisors LLC now owns 39,449 shares of the financial services provider's stock worth $8,165,000 after purchasing an additional 1,568 shares in the last quarter. Finally, IFP Advisors Inc increased its position in Royal Bank Of Canada by 46.5% during the 2nd quarter. IFP Advisors Inc now owns 1,146 shares of the financial services provider's stock worth $237,000 after purchasing an additional 364 shares in the last quarter. Institutional investors own 45.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on RY shares. TD Securities restated a "buy" rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Royal Bank Of Canada in a report on Wednesday, August 19th. Weiss Ratings raised Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, July 29th. Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a report on Friday, August 28th. Finally, Keefe, Bruyette & Woods assumed coverage on Royal Bank Of Canada in a research report on Friday, August 21st. They issued a "market perform" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Royal Bank Of Canada presently has an average rating of "Moderate Buy" and an average price target of $225.00.

Royal Bank Of Canada Trading Down 0.8%

Shares of NYSE RY opened at $208.99 on Wednesday. The firm has a 50 day moving average price of $209.68 and a two-hundred day moving average price of $189.86. The stock has a market cap of $289.79 billion, a P/E ratio of 18.28, a price-to-earnings-growth ratio of 1.85 and a beta of 0.79. Royal Bank Of Canada has a 52-week low of $143.13 and a 52-week high of $218.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings results on Thursday, August 27th. The financial services provider reported $3.07 EPS for the quarter, topping analysts' consensus estimates of $2.89 by $0.18. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. The company had revenue of $13.22 billion for the quarter, compared to analyst estimates of $12.98 billion. As a group, equities analysts forecast that Royal Bank Of Canada will post 12.07 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. Shareholders of record on Monday, October 26th will be issued a dividend of $1.76 per share. The ex-dividend date of this dividend is Monday, October 26th. This represents a $7.04 annualized dividend and a yield of 3.4%. Royal Bank Of Canada's payout ratio is presently 44.44%.

About Royal Bank Of Canada

Royal Bank of Canada (RBC) is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it is one of Canada's largest banks and serves individuals, businesses, institutions and governments.

RBC provides personal and commercial banking products, including deposit accounts, mortgages, consumer and business loans, credit cards and payment services. Through its wealth management operations, the company offers investment advice, brokerage, asset management, trust and estate services, and private banking.

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