Royal Bank Of Canada $RY Stock Position Trimmed by Addenda Capital Inc.

Key Points

• Addenda Capital trimmed its stake in Royal Bank of Canada by 2.0%, selling 14,327 shares to hold 702,804 shares (~$119.82M), making RY its second-largest holding (about 4.3% of Addenda's portfolio).
• RBC beat quarterly estimates with EPS of $2.94 (vs. $2.81) and revenue of $13.18B, and announced a quarterly dividend of $1.64 (annualized $6.56, yield ~3.9%; ex-dividend Apr 23, payable May 22).
• Analysts collectively rate the stock a "Moderate Buy" (11 Buys, 3 Holds) with an average target of $162, while the stock trades near $169.39 (market cap ~$236.8B, P/E ~16.2) and institutions own about 45.3% of shares.

Addenda Capital Inc. decreased its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 2.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 702,804 shares of the financial services provider's stock after selling 14,327 shares during the period. Royal Bank Of Canada comprises approximately 4.3% of Addenda Capital Inc.'s holdings, making the stock its 2nd largest holding. Addenda Capital Inc. owned approximately 0.05% of Royal Bank Of Canada worth $119,821,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of RY. Canerector Inc. increased its stake in Royal Bank Of Canada by 20,412.0% in the third quarter. Canerector Inc. now owns 13,332,800 shares of the financial services provider's stock worth $1,964,188,000 after purchasing an additional 13,267,800 shares during the period. Public Sector Pension Investment Board increased its stake in Royal Bank Of Canada by 1,318.8% in the second quarter. Public Sector Pension Investment Board now owns 1,936,920 shares of the financial services provider's stock worth $254,759,000 after purchasing an additional 1,800,400 shares during the period. Quadrature Capital Ltd increased its stake in shares of Royal Bank Of Canada by 603.1% during the third quarter. Quadrature Capital Ltd now owns 1,746,400 shares of the financial services provider's stock valued at $257,183,000 after buying an additional 1,498,000 shares during the period. Vanguard Group Inc. increased its stake in shares of Royal Bank Of Canada by 2.0% during the third quarter. Vanguard Group Inc. now owns 66,338,321 shares of the financial services provider's stock valued at $9,777,472,000 after buying an additional 1,329,637 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Royal Bank Of Canada by 11.3% in the third quarter. JPMorgan Chase & Co. now owns 7,296,221 shares of the financial services provider's stock valued at $1,074,879,000 after acquiring an additional 740,276 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Zacks Research downgraded Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 3rd. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a research report on Thursday, February 19th. Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research report on Friday, January 9th. Weiss Ratings restated a "buy (b)" rating on shares of Royal Bank Of Canada in a report on Thursday, January 22nd. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research report on Friday, February 13th. Eleven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $162.00.

Royal Bank Of Canada Trading Up 2.4%

Royal Bank Of Canada stock opened at $169.39 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. Royal Bank Of Canada has a 52 week low of $106.85 and a 52 week high of $176.19. The company has a market capitalization of $236.75 billion, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 1.23 and a beta of 0.78. The stock has a 50-day moving average price of $166.38 and a 200 day moving average price of $160.05.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its earnings results on Thursday, February 26th. The financial services provider reported $2.94 EPS for the quarter, topping analysts' consensus estimates of $2.81 by $0.13. Royal Bank Of Canada had a return on equity of 17.12% and a net margin of 15.28%.The firm had revenue of $13.18 billion during the quarter, compared to the consensus estimate of $12.60 billion. During the same quarter in the previous year, the company posted $3.62 earnings per share. The company's revenue was up 4.4% compared to the same quarter last year. Sell-side analysts anticipate that Royal Bank Of Canada will post 9.16 EPS for the current year.

Royal Bank Of Canada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, May 22nd. Investors of record on Thursday, April 23rd will be issued a dividend of $1.64 per share. The ex-dividend date of this dividend is Thursday, April 23rd. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.9%. Royal Bank Of Canada's payout ratio is 45.74%.

About Royal Bank Of Canada

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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