Clark Capital Management Group Inc. Raises Position in Royal Bank of Canada (RY)
Clark Capital Management Group Inc. increased its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 5.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 353,891 shares of the financial services provider’s stock after acquiring an additional 19,807 shares during the period. Clark Capital Management Group Inc.’s holdings in Royal Bank of Canada were worth $28,895,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of RY. Mackenzie Financial Corp grew its position in Royal Bank of Canada by 273.2% during the 4th quarter. Mackenzie Financial Corp now owns 23,581,923 shares of the financial services provider’s stock worth $1,925,464,000 after acquiring an additional 17,263,862 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Royal Bank of Canada by 72.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 13,820,450 shares of the financial services provider’s stock worth $1,128,440,000 after buying an additional 5,799,705 shares during the period. Picton Mahoney Asset Management acquired a new position in Royal Bank of Canada during the 4th quarter worth about $266,796,000. Great West Life Assurance Co. Can lifted its holdings in Royal Bank of Canada by 6.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 13,119,435 shares of the financial services provider’s stock worth $1,012,699,000 after buying an additional 769,771 shares during the period. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in Royal Bank of Canada during the 4th quarter worth about $52,299,000. Institutional investors and hedge funds own 42.85% of the company’s stock.
Several brokerages have commented on RY. Bank of America raised Royal Bank of Canada from a “neutral” rating to a “buy” rating in a report on Tuesday, January 30th. CIBC downgraded Royal Bank of Canada from an “outperform” rating to a “neutral” rating in a report on Thursday, February 1st. Argus lifted their target price on Royal Bank of Canada to $94.00 and gave the stock a “buy” rating in a report on Friday, January 5th. They noted that the move was a valuation call. Zacks Investment Research downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, February 16th. Finally, Scotiabank reaffirmed a “hold” rating and set a $101.00 target price on shares of Royal Bank of Canada in a report on Wednesday, November 22nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. Royal Bank of Canada currently has a consensus rating of “Hold” and an average price target of $98.60.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Friday, February 23rd. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.15. The company had revenue of $10.83 billion for the quarter, compared to the consensus estimate of $9.98 billion. Royal Bank of Canada had a return on equity of 17.60% and a net margin of 21.64%. The firm’s revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.83 EPS. research analysts predict that Royal Bank of Canada will post 6.66 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 24th. Stockholders of record on Wednesday, April 25th will be paid a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.74%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Tuesday, April 24th. Royal Bank of Canada’s payout ratio is currently 50.00%.
Royal Bank of Canada declared that its Board of Directors has initiated a share repurchase plan on Friday, February 23rd that allows the company to repurchase 30,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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Royal Bank of Canada Company Profile
Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
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