Royal Bank Of Canada $RY Stock Sold by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates cut its Royal Bank of Canada stake by 52.4% in the third quarter, selling 30,145 shares and retaining 27,385 shares valued at approximately $5.38 million.
• Royal Bank of Canada reported quarterly EPS of $3.07, exceeding analysts’ $2.89 estimate, while revenue reached $13.22 billion versus the $12.98 billion consensus forecast.
• The bank declared a quarterly dividend of C$1.76 per share, equivalent to C$7.04 annually and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $225.

Pinnacle Associates Ltd. reduced its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 52.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,385 shares of the financial services provider's stock after selling 30,145 shares during the period. Pinnacle Associates Ltd.'s holdings in Royal Bank Of Canada were worth $5,384,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Roxbury Financial LLC boosted its position in shares of Royal Bank Of Canada by 12.8% during the third quarter. Roxbury Financial LLC now owns 501 shares of the financial services provider's stock valued at $98,000 after buying an additional 57 shares during the last quarter. Echo45 Advisors LLC grew its holdings in Royal Bank Of Canada by 5.0% during the first quarter. Echo45 Advisors LLC now owns 1,258 shares of the financial services provider's stock worth $204,000 after buying an additional 60 shares in the last quarter. Key Financial Inc raised its position in Royal Bank Of Canada by 63.0% in the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock valued at $26,000 after buying an additional 63 shares during the last quarter. Apella Capital LLC raised its position in Royal Bank Of Canada by 3.1% in the 2nd quarter. Apella Capital LLC now owns 2,155 shares of the financial services provider's stock valued at $451,000 after buying an additional 64 shares during the last quarter. Finally, Cornerstone Financial Management LLC raised its position in Royal Bank Of Canada by 45.2% in the 2nd quarter. Cornerstone Financial Management LLC now owns 212 shares of the financial services provider's stock valued at $44,000 after buying an additional 66 shares during the last quarter. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank Of Canada Stock Performance

NYSE RY opened at $201.93 on Friday. Royal Bank Of Canada has a 52-week low of $143.38 and a 52-week high of $218.57. The company has a 50-day simple moving average of $202.54 and a 200 day simple moving average of $197.68. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $279.47 billion, a PE ratio of 17.40, a price-to-earnings-growth ratio of 1.81 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its quarterly earnings data on Thursday, August 27th. The financial services provider reported $3.07 EPS for the quarter, topping the consensus estimate of $2.89 by $0.18. The business had revenue of $13.22 billion for the quarter, compared to analyst estimates of $12.98 billion. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. On average, research analysts predict that Royal Bank Of Canada will post 11.83 EPS for the current year.

Royal Bank Of Canada Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Monday, October 26th will be paid a dividend of C$1.76 per share. The ex-dividend date is Monday, October 26th. This represents a $7.04 annualized dividend and a dividend yield of 3.5%. Royal Bank Of Canada's dividend payout ratio (DPR) is presently 43.39%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Weiss Ratings upgraded Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, July 29th. Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a report on Friday, August 28th. Barclays reiterated an "overweight" rating on shares of Royal Bank Of Canada in a research note on Friday, August 21st. TD Securities reiterated a "buy" rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. Finally, Keefe, Bruyette & Woods assumed 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. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Royal Bank Of Canada has a consensus rating of "Moderate Buy" and an average target price of $225.00.

Royal Bank Of Canada Profile

Royal Bank of Canada NYSE: RY is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it operates under the RBC brand and provides banking, wealth management, capital markets, insurance and investor services to individuals, businesses, institutions and governments.

RBC's personal and commercial banking operations offer deposit accounts, lending, mortgages, credit cards, payment services and financial advice. Its wealth management business provides investment management, private banking, trust, brokerage and advisory services, while RBC Capital Markets delivers investment banking, sales and trading, research and corporate finance services.

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.