Sienna Gestion Reduces Position in Royal Bank Of Canada $RY

Key Points

• Sienna Gestion has significantly lowered its stake in Royal Bank of Canada by 91.8%, reducing its holdings to just 545 shares valued at $60,000.
• Other major investors, such as Vanguard Group and Bank of Nova Scotia, increased their stakes, with Vanguard raising its position by 5.7%, totaling over $7 billion in value.
• Royal Bank of Canada recently announced a dividend increase to $1.1152, representing an annualized dividend yield of 3.3%, up from the previous $1.03 quarterly dividend.

Sienna Gestion lowered its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 91.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 545 shares of the financial services provider's stock after selling 6,082 shares during the period. Sienna Gestion's holdings in Royal Bank Of Canada were worth $60,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in RY. Baskin Financial Services Inc. lifted its stake in Royal Bank Of Canada by 5.0% in the first quarter. Baskin Financial Services Inc. now owns 62,855 shares of the financial services provider's stock valued at $7,079,000 after acquiring an additional 3,006 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Royal Bank Of Canada by 1.1% in the first quarter. Envestnet Asset Management Inc. now owns 341,776 shares of the financial services provider's stock valued at $38,525,000 after acquiring an additional 3,767 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Royal Bank Of Canada by 4.4% during the 1st quarter. JPMorgan Chase & Co. now owns 6,458,212 shares of the financial services provider's stock worth $727,970,000 after buying an additional 271,531 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Royal Bank Of Canada by 4.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 86,847 shares of the financial services provider's stock worth $9,789,000 after buying an additional 3,358 shares during the last quarter. Finally, Capital Investment Counsel Inc lifted its stake in shares of Royal Bank Of Canada by 24.4% during the 1st quarter. Capital Investment Counsel Inc now owns 10,146 shares of the financial services provider's stock worth $1,144,000 after buying an additional 1,989 shares during the last quarter. Institutional investors own 45.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RY shares. Scotiabank assumed coverage on shares of Royal Bank Of Canada in a research report on Thursday, May 15th. They set a "sector outperform" rating on the stock. National Bankshares reiterated a "sector perform" rating on shares of Royal Bank Of Canada in a research report on Friday. National Bank Financial downgraded shares of Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a research report on Friday, May 30th. CIBC reiterated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Tuesday, May 20th. Finally, Wall Street Zen lowered shares of Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research note on Saturday, May 31st. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $193.00.

Royal Bank Of Canada Stock Performance

Shares of NYSE:RY traded down $0.2050 during midday trading on Tuesday, reaching $136.1950. The company had a trading volume of 246,263 shares, compared to its average volume of 1,239,920. The company's 50 day moving average price is $131.19 and its 200 day moving average price is $122.87. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. The stock has a market cap of $191.46 billion, a P/E ratio of 15.13, a P/E/G ratio of 1.58 and a beta of 0.89. Royal Bank Of Canada has a 52-week low of $106.10 and a 52-week high of $137.25.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings results on Thursday, May 29th. The financial services provider reported $2.20 earnings per share for the quarter, missing analysts' consensus estimates of $2.25 by ($0.05). The company had revenue of $11.38 billion during the quarter, compared to analysts' expectations of $15.77 billion. Royal Bank Of Canada had a return on equity of 15.75% and a net margin of 13.37%.Royal Bank Of Canada's quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the firm posted $2.92 earnings per share. As a group, sell-side analysts anticipate that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 22nd. Investors of record on Thursday, July 24th will be issued a $1.1152 dividend. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Thursday, July 24th. This represents a $4.46 dividend on an annualized basis and a dividend yield of 3.3%. Royal Bank Of Canada's payout ratio is presently 50.33%.

Royal Bank Of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.