Shikiar Asset Management Inc. Sells 25,250 Shares of Royal Bank Of Canada $RY

Key Points

• Shikiar Asset Management cut its stake in Royal Bank of Canada by 49% in the first quarter, selling 25,250 shares and leaving it with 26,290 shares worth about $4.25 million.
• Royal Bank of Canada beat earnings expectations in its latest quarter, reporting EPS of $2.84 versus $2.81 expected, while revenue rose 11.4% year over year to $12.84 billion.
• The bank also raised its quarterly dividend to $1.76 per share, which works out to an annualized yield of about 3.4%; analysts currently rate the stock a Moderate Buy with a $225 price target.

Shikiar Asset Management Inc. decreased its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 49.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 26,290 shares of the financial services provider's stock after selling 25,250 shares during the quarter. Royal Bank Of Canada makes up approximately 1.2% of Shikiar Asset Management Inc.'s holdings, making the stock its 26th largest holding. Shikiar Asset Management Inc.'s holdings in Royal Bank Of Canada were worth $4,253,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of RY. Vanguard Group Inc. lifted its stake in shares of Royal Bank Of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider's stock valued at $11,529,165,000 after acquiring an additional 1,290,142 shares during the period. FIL Ltd boosted its holdings in Royal Bank Of Canada by 1.1% in the fourth quarter. FIL Ltd now owns 23,258,871 shares of the financial services provider's stock valued at $3,965,133,000 after acquiring an additional 255,465 shares during the last quarter. Norges Bank acquired a new stake in Royal Bank Of Canada in the fourth quarter worth about $3,472,382,000. Bank of Nova Scotia increased its position in Royal Bank Of Canada by 1.6% in the fourth quarter. Bank of Nova Scotia now owns 15,233,532 shares of the financial services provider's stock worth $2,596,904,000 after purchasing an additional 238,589 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Royal Bank Of Canada by 6.9% during the 4th quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider's stock worth $2,389,773,000 after purchasing an additional 882,253 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors.

Royal Bank Of Canada Price Performance

RY opened at $206.85 on Wednesday. Royal Bank Of Canada has a 12 month low of $127.38 and a 12 month high of $207.22. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. The stock has a market cap of $287.47 billion, a P/E ratio of 18.59, a P/E/G ratio of 1.62 and a beta of 0.81. The company has a fifty day simple moving average of $189.78 and a 200 day simple moving average of $175.70.

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

Royal Bank Of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be given a $1.76 dividend. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 3.4%. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.64. Royal Bank Of Canada's payout ratio is presently 42.41%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. TD Securities reaffirmed a "buy" rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Scotiabank reissued an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Raymond James Financial lowered shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 12th. Argus set a $225.00 price objective on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. Finally, Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $225.00.

Royal Bank Of Canada Profile

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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