Royal Bank Of Canada $RY Stock: Letko Brosseau & Associates Inc. Trims Holdings

Key Points

• Letko Brosseau & Associates cut its Royal Bank of Canada stake by 19.6% in the third quarter, selling 266,048 shares. It held 1,090,116 shares worth about $214.9 million afterward.
• RBC beat quarterly earnings and revenue expectations, reporting EPS of $3.07 versus a $2.89 consensus and revenue of $13.22 billion versus $12.98 billion expected.
• The bank announced a quarterly dividend of C$1.76 per share, equivalent to a 3.5% annualized yield. Analysts’ consensus rating was “Moderate Buy,” with a $227 average price target.

Letko Brosseau & Associates Inc. lowered its stake in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 19.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,090,116 shares of the financial services provider's stock after selling 266,048 shares during the quarter. Royal Bank Of Canada makes up approximately 2.8% of Letko Brosseau & Associates Inc.'s holdings, making the stock its 10th biggest holding. Letko Brosseau & Associates Inc. owned about 0.08% of Royal Bank Of Canada worth $214,944,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Heritage Family Offices LLP acquired a new stake in Royal Bank Of Canada in the third quarter worth about $25,000. BOK Financial Private Wealth Inc. acquired a new position in Royal Bank Of Canada during the 2nd quarter valued at about $28,000. Highland Investment Advisors LLC acquired a new position in Royal Bank Of Canada during the 2nd quarter valued at about $31,000. Bell Investment Advisors Inc bought a new position in shares of Royal Bank Of Canada in the 2nd quarter valued at about $32,000. Finally, Continuum Advisory LLC bought a new position in shares of Royal Bank Of Canada in the 2nd quarter valued at about $33,000. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank Of Canada Price Performance

RY opened at $202.84 on Friday. The stock has a market cap of $280.74 billion, a P/E ratio of 17.75, a P/E/G ratio of 1.70 and a beta of 0.79. Royal Bank Of Canada has a 12 month low of $144.56 and a 12 month high of $218.57. 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 company has a fifty day simple moving average of $201.31 and a 200 day simple moving average of $190.72.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its earnings results on Thursday, August 27th. The financial services provider reported $3.07 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $12.98 billion. On average, research analysts expect that Royal Bank Of Canada will post 11.77 EPS for the current year.

Royal Bank Of Canada Dividend Announcement

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

Analyst Ratings Changes

Several equities research 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 report on Wednesday, August 19th. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a research note on Friday, August 21st. TD Securities reaffirmed a "buy" rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. Finally, Weiss Ratings reiterated a "buy (a-)" rating on shares of Royal Bank Of Canada in a research report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Royal Bank Of Canada has an average rating of "Moderate Buy" and a consensus price target of $227.00.

About Royal Bank Of Canada

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.

Want to see what other hedge funds are holding RY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.