Royal Bank Of Canada $RY Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC cut its Royal Bank of Canada stake by 9% in the second quarter, selling 10,817 shares and retaining 108,887 shares valued at approximately $22.5 million.
• Royal Bank of Canada reported quarterly EPS of $3.07, exceeding estimates of $2.89, while revenue reached $13.22 billion versus the $12.98 billion consensus forecast.
• The bank announced a quarterly dividend of $1.76 per share, equivalent to $7.04 annually and a 3.4% yield. Analysts maintain a “Moderate Buy” consensus rating with a $225 price target.

Hsbc Holdings PLC reduced its stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 9.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 108,887 shares of the financial services provider's stock after selling 10,817 shares during the quarter. Hsbc Holdings PLC's holdings in Royal Bank Of Canada were worth $22,536,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RY. Norges Bank acquired a new position in shares of Royal Bank Of Canada during the 4th quarter valued at about $3,472,382,000. Bank of Nova Scotia acquired a new stake in Royal Bank Of Canada during the second quarter worth about $2,549,157,000. The Manufacturers Life Insurance Company acquired a new stake in Royal Bank Of Canada during the second quarter worth about $2,296,717,000. Canada Pension Plan Investment Board purchased a new position in Royal Bank Of Canada during the second quarter worth about $2,275,797,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Royal Bank Of Canada during the second quarter worth about $2,260,820,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank Of Canada Trading Down 0.8%

Shares of RY stock opened at $208.99 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market cap of $289.79 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 1.85 and a beta of 0.79. The company has a 50-day moving average of $209.68 and a two-hundred day moving average of $189.86. Royal Bank Of Canada has a 1-year low of $143.13 and a 1-year high of $218.57.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings results on Thursday, August 27th. The financial services provider reported $3.07 earnings per share (EPS) for the quarter, beating 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 business had revenue of $13.22 billion for the quarter, compared to the consensus estimate of $12.98 billion. On average, analysts predict that Royal Bank Of Canada will post 12.07 EPS for the current year.

Royal Bank Of Canada Dividend Announcement

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 $1.76 dividend. This represents a $7.04 annualized dividend and a yield of 3.4%. The ex-dividend date is Monday, October 26th. Royal Bank Of Canada's dividend payout ratio (DPR) is 44.44%.

Wall Street Analyst Weigh In

RY has been the subject of several analyst reports. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods initiated coverage on shares of Royal Bank Of Canada in a research report on Friday, August 21st. They set a "market perform" rating on the stock. Argus set a $225.00 price objective on Royal Bank Of Canada in a report on Thursday, June 11th. Barclays reiterated an "overweight" rating on shares of Royal Bank Of Canada in a research report on Friday, August 21st. Finally, Raymond James Financial cut Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $225.00.

Royal Bank Of Canada Profile

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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