Royal Bank Of Canada $RY Shares Sold by Godsey & Gibb Inc.

Key Points

• Godsey & Gibb Inc. trimmed its Royal Bank of Canada stake by 6.4% in the first quarter, but still held 181,933 shares worth about $29.4 million. RY remained one of the firm’s larger holdings, making up 2.6% of its portfolio.
• Wall Street sentiment remains constructive overall, with a consensus “Moderate Buy” rating and a $225 price target. Recent analyst actions included a downgrade from Raymond James, while TD Securities and Scotiabank reiterated bullish views.
• Royal Bank of Canada reported better-than-expected quarterly earnings, with EPS of $2.84 versus estimates of $2.81 and revenue of $12.84 billion. The company also raised its quarterly dividend to $1.76 per share, implying a 3.5% annual yield.

Godsey & Gibb Inc. cut its stake in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 6.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 181,933 shares of the financial services provider's stock after selling 12,398 shares during the quarter. Royal Bank Of Canada accounts for 2.6% of Godsey & Gibb Inc.'s portfolio, making the stock its 7th largest holding. Godsey & Gibb Inc.'s holdings in Royal Bank Of Canada were worth $29,433,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Cidel Asset Management Inc. boosted its position in shares of Royal Bank Of Canada by 88.7% in the 1st quarter. Cidel Asset Management Inc. now owns 553,471 shares of the financial services provider's stock valued at $89,190,000 after purchasing an additional 260,118 shares during the period. Community Bank & Trust Waco Texas raised its holdings in Royal Bank Of Canada by 12.2% during the 1st quarter. Community Bank & Trust Waco Texas now owns 9,385 shares of the financial services provider's stock worth $1,518,000 after buying an additional 1,024 shares during the period. Evolve Private Wealth LLC raised its holdings in Royal Bank Of Canada by 16.1% during the 1st quarter. Evolve Private Wealth LLC now owns 1,395 shares of the financial services provider's stock worth $226,000 after buying an additional 193 shares during the period. Purpose Unlimited Inc. purchased a new stake in Royal Bank Of Canada during the fourth quarter valued at about $54,509,000. Finally, Rockefeller Capital Management L.P. lifted its stake in Royal Bank Of Canada by 52.2% during the fourth quarter. Rockefeller Capital Management L.P. now owns 393,185 shares of the financial services provider's stock valued at $67,034,000 after buying an additional 134,796 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RY has been the topic of several analyst reports. Raymond James Financial downgraded 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 report on Friday, May 29th. Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Argus set a $225.00 price objective on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. Finally, Weiss Ratings raised shares of Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $225.00.

Royal Bank Of Canada Stock Performance

Shares of RY stock opened at $202.73 on Wednesday. Royal Bank Of Canada has a fifty-two week low of $127.38 and a fifty-two week high of $203.29. The stock's 50-day moving average is $186.93 and its two-hundred day moving average is $174.25. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market cap of $281.74 billion, a P/E ratio of 18.21, a PEG ratio of 1.60 and a beta of 0.81.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.81 by $0.03. The business had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.83% and a net margin of 15.92%.The firm's revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the company earned $3.12 EPS. Analysts predict that Royal Bank Of Canada will post 11.52 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be paid a $1.76 dividend. This represents a $7.04 dividend on an annualized basis and a yield of 3.5%. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.64. The ex-dividend date is Monday, July 27th. Royal Bank Of Canada's dividend payout ratio is presently 42.41%.

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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