Varma Mutual Pension Insurance Co Invests $50.78 Million in Royal Bank Of Canada $RY

Varma Mutual Pension Insurance Co purchased a new stake in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 245,329 shares of the financial services provider's stock, valued at approximately $50,783,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC lifted its holdings in Royal Bank Of Canada by 33.1% in the fourth quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider's stock worth $279,000 after purchasing an additional 575 shares during the period. AQR Capital Management LLC grew its position in Royal Bank Of Canada by 60.9% in the 1st quarter. AQR Capital Management LLC now owns 11,779 shares of the financial services provider's stock valued at $1,321,000 after buying an additional 4,460 shares in the last quarter. Sivia Capital Partners LLC increased its stake in Royal Bank Of Canada by 57.7% during the 2nd quarter. Sivia Capital Partners LLC now owns 5,284 shares of the financial services provider's stock valued at $695,000 after buying an additional 1,934 shares during the period. Baird Financial Group Inc. increased its stake in Royal Bank Of Canada by 39.1% during the 2nd quarter. Baird Financial Group Inc. now owns 13,555 shares of the financial services provider's stock valued at $1,783,000 after buying an additional 3,811 shares during the period. Finally, Cerity Partners LLC raised its position in shares of Royal Bank Of Canada by 9.0% during the 2nd quarter. Cerity Partners LLC now owns 47,721 shares of the financial services provider's stock worth $6,279,000 after buying an additional 3,928 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RY. Scotiabank reiterated an "outperform" rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Keefe, Bruyette & Woods started coverage on Royal Bank Of Canada in a report on Friday. They set a "market perform" rating on the stock. Raymond James Financial cut Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a report on Tuesday, May 12th. Weiss Ratings raised Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Wednesday, July 29th. Finally, Canadian Imperial Bank of Commerce reaffirmed a "neutral" rating on shares of Royal Bank Of Canada in a research note on Wednesday. One 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 stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $225.00.

Royal Bank Of Canada Price Performance

Shares of NYSE RY opened at $204.86 on Friday. 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. 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 has a 50-day moving average of $208.56 and a two-hundred day moving average of $186.66.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The company had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. During the same quarter last year, the firm posted $3.12 EPS. The business's revenue for the quarter was up 11.4% on a year-over-year basis. As a group, analysts expect that Royal Bank Of Canada will post 11.59 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

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

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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