State of Wyoming Acquires New Position in Royal Bank Of Canada $RY

Key Points

• State of Wyoming opened a new position in Royal Bank of Canada during the first quarter, buying 11,150 shares valued at about $1.8 million.
• Institutional interest in RY remains strong, with several other hedge funds and investors recently adding to positions; 45.31% of the stock is owned by institutions.
• Royal Bank of Canada beat quarterly earnings expectations and also raised its dividend to $1.76 per share, giving it an annualized yield of about 3.3%.

State of Wyoming acquired a new position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 11,150 shares of the financial services provider's stock, valued at approximately $1,797,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. HighTower Advisors LLC increased its position in shares of Royal Bank Of Canada by 18.5% in the fourth quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider's stock valued at $16,407,000 after buying an additional 15,046 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Royal Bank Of Canada by 6.1% during the 4th quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider's stock worth $1,086,601,000 after buying an additional 368,534 shares during the last quarter. Rathbones Group PLC boosted its position in shares of Royal Bank Of Canada by 9.0% in the 4th quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider's stock worth $55,480,000 after buying an additional 26,782 shares in the last quarter. Indivisible Partners purchased a new stake in shares of Royal Bank Of Canada in the 4th quarter worth about $7,335,000. Finally, MUFG Securities EMEA plc acquired a new stake in Royal Bank Of Canada in the 4th quarter valued at about $49,450,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RY shares. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. Raymond James Financial cut shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 12th. TD Securities restated a "buy" rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $225.00.

Royal Bank Of Canada Stock Performance

Shares of NYSE RY opened at $211.53 on Thursday. The company has a market cap of $293.31 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 1.67 and a beta of 0.80. Royal Bank Of Canada has a 12 month low of $127.38 and a 12 month high of $218.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82. The company has a 50-day simple moving average of $199.92 and a 200-day simple moving average of $180.35.

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

Royal Bank Of Canada Increases Dividend

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

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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