Sumitomo Life Insurance Co. Takes $3.04 Million Position in Royal Bank Of Canada $RY

Key Points

• Sumitomo Life Insurance acquired 14,674 shares of Royal Bank of Canada worth approximately $3.04 million. Institutional investors collectively own 45.31% of the bank’s stock.
• RBC reported quarterly EPS of $2.84, beating estimates of $2.81, while revenue rose 11.4% year over year to $12.84 billion.
• The bank increased its quarterly dividend to $1.76 per share, equivalent to an annualized $7.04 payout and a 3.4% yield. Analysts maintain a “Moderate Buy” consensus rating with a $225 price target.

Sumitomo Life Insurance Co. acquired a new position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 14,674 shares of the financial services provider's stock, valued at approximately $3,037,000.

A number of other hedge funds have also bought and sold shares of the business. Harvest Fund Management Co. Ltd bought a new stake in shares of Royal Bank Of Canada in the fourth quarter worth approximately $25,000. Key Financial Inc raised its stake 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 valued at $26,000 after purchasing an additional 63 shares during the period. Johnson Financial Group Inc. bought a new stake in Royal Bank Of Canada during the 3rd quarter valued at approximately $27,000. BOK Financial Private Wealth Inc. purchased a new position in Royal Bank Of Canada in the 2nd quarter worth approximately $28,000. Finally, Maseco LLP boosted its stake in Royal Bank Of Canada by 355.0% in 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 period. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Stock Performance

Shares of NYSE:RY opened at $204.86 on Friday. The company has a market capitalization of $284.06 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 1.62 and a beta of 0.80. The firm's 50-day moving average is $208.56 and its 200 day moving average is $186.66. Royal Bank Of Canada has a 12 month low of $135.97 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.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The firm had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. During the same period last year, the company earned $3.12 EPS. Royal Bank Of Canada's quarterly revenue was up 11.4% compared to the same quarter last year. Research analysts predict that Royal Bank Of Canada will post 11.47 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be given a dividend of $1.76 per share. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.4%. This is a boost from Royal Bank Of Canada's previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. Royal Bank Of Canada's dividend payout ratio is 44.56%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RY shares. Keefe, Bruyette & Woods assumed coverage on shares of Royal Bank Of Canada in a research report on Friday. They set a "market perform" rating on the stock. Raymond James Financial downgraded 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 report on Thursday, June 11th. Scotiabank reiterated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Finally, Weiss Ratings upgraded Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, 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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