Twin Tree Management LP Makes New $6.59 Million Investment in Royal Bank Of Canada $RY

Key Points

• Twin Tree Management LP acquired 31,842 shares of Royal Bank of Canada worth approximately $6.59 million in the second quarter. Institutional investors collectively own 45.31% of the bank’s stock.
• Analysts maintain a generally positive outlook, with one Strong Buy, nine Buy and five Hold ratings. The consensus rating is Moderate Buy, with a target price of $225 versus a recent share price of $204.86.
• Royal Bank of Canada exceeded quarterly earnings and revenue estimates, reporting $2.84 in EPS and $12.84 billion in revenue. The bank also raised its quarterly dividend to $1.76 per share, implying a 3.4% annual yield.

Twin Tree Management LP acquired a new position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 31,842 shares of the financial services provider's stock, valued at approximately $6,590,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. HighTower Advisors LLC increased its position in Royal Bank Of Canada by 18.5% during the fourth quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider's stock worth $16,407,000 after purchasing an additional 15,046 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Royal Bank Of Canada by 6.1% in the 4th quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider's stock valued at $1,086,601,000 after purchasing an additional 368,534 shares during the last quarter. Rathbones Group PLC boosted its holdings 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 valued at $55,480,000 after purchasing an additional 26,782 shares during the last quarter. Indivisible Partners purchased a new stake in shares of Royal Bank Of Canada during the 4th quarter valued at $7,335,000. Finally, MUFG Securities EMEA plc purchased a new stake in shares of Royal Bank Of Canada during the 4th quarter valued at $49,450,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

Analysts Set New Price Targets

RY has been the topic of several research reports. Argus set a $225.00 target price on Royal Bank Of Canada in a research report on Thursday, June 11th. Keefe, Bruyette & Woods assumed coverage on Royal Bank Of Canada in a research report on Friday. They set a "market perform" rating for the company. Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a research note on Friday. TD Securities restated a "buy" rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. Finally, Raymond James Financial lowered Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 12th. One analyst has rated the stock with a Strong Buy rating, nine have given 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 an average rating of "Moderate Buy" and a consensus target price of $225.00.

Royal Bank Of Canada Price Performance

Shares of RY stock opened at $204.86 on Friday. The firm has a fifty day simple moving average of $208.56 and a 200-day simple moving average of $186.66. The company has a market capitalization of $284.06 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 1.62 and a beta of 0.80. Royal Bank Of Canada has a twelve month low of $135.97 and a twelve 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 data on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, topping analysts' consensus estimates of $2.81 by $0.03. The firm had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The firm's revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.12 EPS. Equities research analysts anticipate that Royal Bank Of Canada will post 11.59 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Monday, July 27th. This is an increase from Royal Bank Of Canada's previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.4%. Royal Bank Of Canada's dividend payout ratio is 44.56%.

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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