SEB Asset Management AB Buys New Position in Royal Bank Of Canada $RY

Key Points

• SEB Asset Management AB opened a new position in Royal Bank of Canada during the first quarter, buying 214,011 shares valued at about $34.5 million.
• Analysts remain broadly positive on RY, with 10 Buy ratings and 4 Hold ratings; the consensus view is Moderate Buy and the average price target is $225.
• Royal Bank of Canada reported better-than-expected quarterly results and also raised its dividend to $1.76 per share from $1.64, implying an annualized yield of about 3.3%.

SEB Asset Management AB purchased a new stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 214,011 shares of the financial services provider's stock, valued at approximately $34,486,000.

Several other institutional investors have also added to or reduced their stakes in RY. Harvest Fund Management Co. Ltd purchased a new position in shares of Royal Bank Of Canada in the 4th quarter valued at approximately $25,000. Tradewinds Capital Management LLC acquired a new stake in Royal Bank Of Canada in the 4th quarter worth approximately $26,000. Key Financial Inc grew its position in Royal Bank Of Canada by 63.0% during the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock worth $26,000 after purchasing an additional 63 shares during the last quarter. Maseco LLP grew its position in Royal Bank Of Canada by 355.0% during the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider's stock worth $29,000 after purchasing an additional 142 shares during the last quarter. Finally, Johnson Financial Group Inc. acquired a new position in Royal Bank Of Canada during the 3rd quarter valued at approximately $27,000. Institutional investors and hedge funds own 45.31% of the company's stock.

Analyst Ratings Changes

RY has been the subject of a number of research analyst reports. Weiss Ratings cut shares of Royal Bank Of Canada from a "buy (a-)" rating to a "buy (b+)" rating in a report on Monday, June 29th. Argus set a $225.00 price objective on shares of Royal Bank Of Canada in a report on Thursday, June 11th. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Finally, TD Securities reaffirmed a "buy" rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Ten analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $225.00.

Royal Bank Of Canada Stock Performance

RY opened at $215.58 on Monday. Royal Bank Of Canada has a 12-month low of $127.38 and a 12-month high of $218.57. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $298.93 billion, a PE ratio of 19.37, a P/E/G ratio of 1.71 and a beta of 0.80. The firm has a 50 day moving average of $198.12 and a two-hundred day moving average of $179.50.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, beating the consensus estimate of $2.81 by $0.03. The business had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The business's revenue for the quarter was up 11.4% on a year-over-year basis. During the same period in the prior year, the firm earned $3.12 EPS. On average, analysts anticipate that Royal Bank Of Canada will post 11.45 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be given a dividend of $1.76 per share. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Monday, July 27th. Royal Bank Of Canada's payout ratio is presently 42.41%.

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.

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.