Russell Investments Group Ltd. Sells 189,433 Shares of Royal Bank Of Canada $RY

Key Points

• Russell Investments Group cut its Royal Bank of Canada stake by 16.3%, selling 189,433 shares in the third quarter; it retained 974,120 shares valued at about $192.6 million.
• RBC reported quarterly EPS of $3.07, beating the $2.89 consensus, and revenue of $13.22 billion, above estimates. It announced a quarterly dividend of C$1.76 per share, equivalent to a 3.5% indicated yield.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $227. RBC shares opened at $202.84, versus a 52-week range of $144.56 to $218.57.

Russell Investments Group Ltd. trimmed its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 16.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 974,120 shares of the financial services provider's stock after selling 189,433 shares during the quarter. Russell Investments Group Ltd. owned 0.07% of Royal Bank Of Canada worth $192,610,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Fifth Third Bancorp increased its stake in Royal Bank Of Canada by 17.0% during the 3rd quarter. Fifth Third Bancorp now owns 4,319 shares of the financial services provider's stock worth $849,000 after purchasing an additional 627 shares in the last quarter. Ritholtz Wealth Management increased its holdings in Royal Bank Of Canada by 1.5% during the 3rd quarter. Ritholtz Wealth Management now owns 39,336 shares of the financial services provider's stock worth $7,733,000 after purchasing an additional 580 shares in the last quarter. Silver Grove Financial Group Inc. grew its holdings in shares of Royal Bank Of Canada by 15.7% during the third quarter. Silver Grove Financial Group Inc. now owns 539 shares of the financial services provider's stock worth $106,000 after buying an additional 73 shares in the last quarter. Davis Investment Partners LLC boosted its position in Royal Bank Of Canada by 3.1% during the 3rd quarter. Davis Investment Partners LLC now owns 24,212 shares of the financial services provider's stock worth $4,760,000 after acquiring an additional 737 shares during the last quarter. Finally, AlphaCore Capital LLC grew its stake in shares of Royal Bank Of Canada by 72.4% during the 3rd quarter. AlphaCore Capital LLC now owns 3,227 shares of the financial services provider's stock worth $634,000 after acquiring an additional 1,355 shares in the last quarter. Institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Stock Down 0.3%

Royal Bank Of Canada stock opened at $202.84 on Friday. 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 company's 50-day moving average is $201.31 and its 200-day moving average is $190.72. The firm has a market capitalization of $280.74 billion, a PE ratio of 17.75, a P/E/G ratio of 1.70 and a beta of 0.79. Royal Bank Of Canada has a fifty-two week low of $144.56 and a fifty-two week high of $218.57.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted 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 business had revenue of $13.22 billion during the quarter, compared to analysts' expectations of $12.98 billion. Sell-side analysts anticipate that Royal Bank Of Canada will post 11.77 earnings per share for the current year.

Royal Bank Of Canada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Monday, October 26th will be given a C$1.76 dividend. The ex-dividend date of this dividend 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 is presently 43.31%.

Analyst Upgrades and Downgrades

RY has been the topic of a number of research reports. Scotiabank reissued an "outperform" rating on shares of Royal Bank Of Canada in a research report on Friday, August 28th. TD Securities reaffirmed a "buy" rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. Barclays reissued an "overweight" rating on shares of Royal Bank Of Canada in a research report on Friday, August 21st. Weiss Ratings reaffirmed a "buy (a-)" rating on shares of Royal Bank Of Canada in a research report on Tuesday, October 27th. Finally, Keefe, Bruyette & Woods initiated coverage on Royal Bank Of Canada in a research report on Friday, August 21st. They set a "market perform" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $227.00.

Royal Bank Of Canada Company Profile

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.

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