The Manufacturers Life Insurance Company Has $1.04 Billion Stock Position in Royal Bank Of Canada $RY

Key Points

• The Manufacturers Life Insurance Company trimmed its stake in Royal Bank of Canada by 4.3% to 7,918,400 shares, a holding worth about $1.04 billion that represents roughly 0.56% of RY and ranks as the insurer's 10th-largest position.
• Royal Bank of Canada beat quarterly estimates with EPS $2.76 vs. $2.51 expected and revenue of $12.27 billion, with ROE of 16.83% and revenue up 14.2% year-over-year; analysts' consensus is a "Moderate Buy" with a $162 target and forecasted FY EPS of 9.16.
• The bank raised its quarterly dividend to $1.64 (annualized $6.56) for a ~4.0% yield, and the stock is trading near its 12-month high (~$165) with a market cap of about $231.5 billion and a P/E of 16.48.

The Manufacturers Life Insurance Company trimmed its stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 4.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,918,400 shares of the financial services provider's stock after selling 355,497 shares during the quarter. Royal Bank Of Canada makes up 0.9% of The Manufacturers Life Insurance Company's holdings, making the stock its 10th largest holding. The Manufacturers Life Insurance Company owned about 0.56% of Royal Bank Of Canada worth $1,038,130,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Royal Bank Of Canada by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 65,008,684 shares of the financial services provider's stock valued at $8,567,752,000 after purchasing an additional 2,437,164 shares during the period. TD Asset Management Inc raised its holdings in Royal Bank Of Canada by 0.9% during the 2nd quarter. TD Asset Management Inc now owns 31,812,382 shares of the financial services provider's stock worth $4,184,220,000 after buying an additional 296,978 shares during the period. Norges Bank purchased a new stake in Royal Bank Of Canada during the second quarter valued at about $2,599,262,000. Federation des caisses Desjardins du Quebec lifted its stake in Royal Bank Of Canada by 3.4% during the first quarter. Federation des caisses Desjardins du Quebec now owns 12,656,362 shares of the financial services provider's stock valued at $1,423,464,000 after buying an additional 420,466 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Royal Bank Of Canada by 20.2% in the second quarter. Geode Capital Management LLC now owns 11,374,800 shares of the financial services provider's stock worth $1,517,123,000 after buying an additional 1,910,492 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank Of Canada Trading Up 1.3%

Shares of NYSE:RY opened at $165.29 on Thursday. The firm has a fifty day moving average of $149.40 and a two-hundred day moving average of $140.19. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.11. Royal Bank Of Canada has a 12-month low of $106.10 and a 12-month high of $165.82. The firm has a market capitalization of $231.52 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 1.19 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its quarterly earnings data on Wednesday, December 3rd. The financial services provider reported $2.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.51 by $0.25. The business had revenue of $12.27 billion during the quarter, compared to analyst estimates of $12.12 billion. Royal Bank Of Canada had a return on equity of 16.83% and a net margin of 14.83%.Royal Bank Of Canada's quarterly revenue was up 14.2% compared to the same quarter last year. During the same period last year, the company earned $3.07 earnings per share. On average, equities analysts expect that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 24th. Investors of record on Monday, January 26th will be paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Monday, January 26th. This is a positive change from Royal Bank Of Canada's previous quarterly dividend of $1.54. Royal Bank Of Canada's dividend payout ratio (DPR) is presently 44.07%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Natl Bk Canada upgraded shares of Royal Bank Of Canada from a "hold" rating to a "strong-buy" rating in a report on Monday, December 1st. Barclays reiterated an "overweight" rating on shares of Royal Bank Of Canada in a research report on Monday, November 24th. Cibc World Mkts lowered Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a report on Friday, September 5th. Jefferies Financial Group cut Royal Bank Of Canada from a "buy" rating to a "hold" rating in a research report on Tuesday, November 25th. Finally, Raymond James Financial started coverage on Royal Bank Of Canada in a report on Monday, November 24th. They set a "moderate buy" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Royal Bank Of Canada has a consensus rating of "Moderate Buy" and a consensus target price of $162.00.

Royal Bank Of Canada 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.

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