TD Waterhouse Canada Inc. Sells 238,768 Shares of Royal Bank Of Canada $RY

Key Points

• TD Waterhouse Canada reduced its Royal Bank of Canada stake by 2%, selling 238,768 shares and retaining 11.64 million shares worth approximately $2.43 billion. RBC remains the fund’s second-largest holding, representing about 6.4% of its portfolio.
• Analysts maintain a generally positive outlook, with RBC receiving a “Moderate Buy” consensus rating and an average price target of $225. The stock recently traded at $211.95, near its 52-week high.
• RBC reported quarterly EPS of $3.07, exceeding expectations of $2.89, on revenue of $13.22 billion. The bank also declared a quarterly dividend of $1.76 per share, equivalent to a 3.3% annualized yield.

TD Waterhouse Canada Inc. decreased its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 2.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,636,208 shares of the financial services provider's stock after selling 238,768 shares during the quarter. Royal Bank Of Canada comprises approximately 6.4% of TD Waterhouse Canada Inc.'s investment portfolio, making the stock its 2nd biggest holding. TD Waterhouse Canada Inc. owned about 0.84% of Royal Bank Of Canada worth $2,427,209,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RY. Harvest Fund Management Co. Ltd bought a new position in Royal Bank Of Canada during the 4th quarter worth about $25,000. Key Financial Inc grew its holdings in shares of Royal Bank Of Canada by 63.0% during the first quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock worth $26,000 after buying an additional 63 shares in the last quarter. Johnson Financial Group Inc. acquired a new stake in Royal Bank Of Canada in the 3rd quarter valued at approximately $27,000. BOK Financial Private Wealth Inc. bought a new stake in Royal Bank Of Canada in the 2nd quarter valued at approximately $28,000. Finally, Maseco LLP lifted 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 valued at $29,000 after acquiring an additional 142 shares in the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RY shares. Keefe, Bruyette & Woods initiated coverage on shares of Royal Bank Of Canada in a research note on Friday, August 21st. They set a "market perform" rating for the company. Barclays reissued an "overweight" rating on shares of Royal Bank Of Canada in a research report on Friday, August 21st. Raymond James Financial downgraded shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research report on Tuesday, May 12th. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 19th. Finally, Weiss Ratings upgraded shares of Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Royal Bank Of Canada currently has an average rating of "Moderate Buy" and an average target price of $225.00.

Royal Bank Of Canada Trading Up 2.0%

Royal Bank Of Canada stock opened at $211.95 on Friday. Royal Bank Of Canada has a 52 week low of $143.13 and a 52 week high of $218.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $293.89 billion, a P/E ratio of 18.54, a PEG ratio of 1.83 and a beta of 0.79. The stock has a 50-day simple moving average of $209.37 and a 200 day simple moving average of $189.01.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its earnings results on Thursday, August 27th. The financial services provider reported $3.07 EPS for the quarter, topping the consensus estimate of $2.89 by $0.18. The company had revenue of $13.22 billion during the quarter, compared to the consensus estimate of $12.98 billion. Royal Bank Of Canada had a return on equity of 17.79% and a net margin of 16.17%. Analysts expect that Royal Bank Of Canada will post 12.07 earnings per share for the current year.

Royal Bank Of Canada Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Monday, October 26th will be given a dividend of $1.76 per share. This represents a $7.04 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Monday, October 26th. Royal Bank Of Canada's payout ratio is 43.39%.

Royal Bank Of Canada Company 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.

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.