Royal Bank Of Canada $RY Stock Position Trimmed by Ewing Morris & Co. Investment Partners Ltd.

Key Points

• Ewing Morris & Co. reduced its Royal Bank of Canada position by 14.9% in the second quarter, selling 5,228 shares and retaining 29,932 shares valued at approximately $6.2 million. Institutional investors collectively own 45.31% of RY.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $225.00. RY recently traded at $207.95, up 2.2%.
• Royal Bank of Canada exceeded quarterly expectations, reporting $3.07 in EPS versus $2.89 expected and $13.22 billion in revenue. The bank also declared a quarterly dividend of $1.76 per share, representing a 3.4% annualized yield.

Ewing Morris & Co. Investment Partners Ltd. cut its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 14.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 29,932 shares of the financial services provider's stock after selling 5,228 shares during the period. Royal Bank Of Canada makes up 3.2% of Ewing Morris & Co. Investment Partners Ltd.'s holdings, making the stock its 9th largest position. Ewing Morris & Co. Investment Partners Ltd.'s holdings in Royal Bank Of Canada were worth $6,196,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company acquired a new stake in Royal Bank Of Canada during the 2nd quarter worth about $2,296,717,000. HighTower Advisors LLC lifted its holdings in shares of Royal Bank Of Canada by 18.5% in the 4th quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider's stock valued at $16,407,000 after buying an additional 15,046 shares during the period. Fisher Asset Management LLC lifted its holdings in shares of Royal Bank Of Canada by 6.1% in the 4th quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider's stock valued at $1,086,601,000 after buying an additional 368,534 shares during the period. Rathbones Group PLC boosted its stake in shares of Royal Bank Of Canada by 9.0% in the fourth quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider's stock worth $55,480,000 after buying an additional 26,782 shares during the last quarter. Finally, M. Kulyk & Associates LLC acquired a new stake in Royal Bank Of Canada during the second quarter worth about $2,953,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RY has been the topic of several analyst reports. TD Securities restated a "buy" rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. Argus set a $225.00 price objective on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 19th. Weiss Ratings upgraded Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods assumed coverage on Royal Bank Of Canada in a research note on Friday, August 21st. They issued a "market perform" rating for the company. One research 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 company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $225.00.

Royal Bank Of Canada Trading Up 2.2%

NYSE RY opened at $207.95 on Thursday. 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 stock has a market capitalization of $288.34 billion, a P/E ratio of 18.19, a PEG ratio of 1.79 and a beta of 0.79. The firm's 50-day moving average is $209.21 and its two-hundred day moving average is $188.71. Royal Bank Of Canada has a 12 month low of $143.13 and a 12 month 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 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $13.22 billion for the quarter, compared to analysts' expectations of $12.98 billion. On average, sell-side analysts anticipate that Royal Bank Of Canada will post 12.07 earnings per share for the current year.

Royal Bank Of Canada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Monday, October 26th will be given a dividend of $1.76 per share. This represents a $7.04 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, October 26th. Royal Bank Of Canada's dividend payout ratio is currently 43.39%.

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source