Truist Financial Corp Trims Stock Holdings in Royal Bank Of Canada $RY

Key Points

• Truist Financial cut its stake in Royal Bank of Canada by 19.8%, selling 20,064 shares and leaving 81,109 shares valued at about $13.83 million.
• RBC topped expectations for the quarter with EPS of $2.94 versus $2.81 expected and revenue of $13.18 billion (up 4.4% year-over-year), and analysts hold a consensus "Moderate Buy" with an average price target of $162.
• Dividend: RBC declared a quarterly dividend of $1.64 ($6.56 annualized), implying a ~3.6% yield, with an ex-dividend date of April 23 and payment on May 22.

Truist Financial Corp decreased its holdings in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 19.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 81,109 shares of the financial services provider's stock after selling 20,064 shares during the quarter. Truist Financial Corp's holdings in Royal Bank Of Canada were worth $13,828,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in RY. Vanguard Group Inc. raised its stake in shares of Royal Bank Of Canada by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider's stock valued at $11,529,165,000 after purchasing an additional 1,290,142 shares during the period. Canerector Inc. boosted its stake in Royal Bank Of Canada by 20,412.0% in the 3rd quarter. Canerector Inc. now owns 13,332,800 shares of the financial services provider's stock worth $1,964,188,000 after purchasing an additional 13,267,800 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Royal Bank Of Canada by 3.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,147,980 shares of the financial services provider's stock worth $1,642,712,000 after purchasing an additional 338,575 shares during the period. Legal & General Group Plc grew its holdings in Royal Bank Of Canada by 3.6% during the 3rd quarter. Legal & General Group Plc now owns 8,275,134 shares of the financial services provider's stock valued at $1,219,924,000 after buying an additional 287,504 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Royal Bank Of Canada by 11.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,296,221 shares of the financial services provider's stock valued at $1,074,879,000 after buying an additional 740,276 shares in the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank Of Canada Stock Performance

Shares of RY opened at $181.25 on Friday. Royal Bank Of Canada has a 12-month low of $119.59 and a 12-month high of $182.73. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09. The company has a market cap of $253.33 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 1.37 and a beta of 0.80. The stock has a 50-day moving average price of $168.74 and a 200-day moving average price of $164.21.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly earnings data on Thursday, February 26th. The financial services provider reported $2.94 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.13. The company had revenue of $13.18 billion for the quarter, compared to analysts' expectations of $12.60 billion. Royal Bank Of Canada had a net margin of 15.28% and a return on equity of 17.12%. Royal Bank Of Canada's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the prior year, the business earned $3.62 earnings per share. As a group, equities analysts forecast that Royal Bank Of Canada will post 11.57 earnings per share for the current fiscal year.

Royal Bank Of Canada Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 22nd. Stockholders of record on Thursday, April 23rd will be issued a $1.64 dividend. The ex-dividend date of this dividend is Thursday, April 23rd. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.6%. Royal Bank Of Canada's dividend payout ratio is presently 45.17%.

Analysts Set New Price Targets

RY has been the topic of a number of recent analyst reports. Raymond James Financial reissued an "outperform" rating on shares of Royal Bank Of Canada in a report on Friday, February 13th. Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research note on Monday. Weiss Ratings reiterated a "buy (b+)" rating on shares of Royal Bank Of Canada in a research note on Monday. Zacks Research downgraded shares of Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 3rd. Finally, Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a research report on Thursday, February 19th. Eleven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $162.00.

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.

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