Lorne Steinberg Wealth Management Inc. Has $10.77 Million Stake in Royal Bank of Canada (NYSE:RY)

Lorne Steinberg Wealth Management Inc. boosted its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 4.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 106,474 shares of the financial services provider’s stock after buying an additional 5,017 shares during the quarter. Royal Bank of Canada makes up approximately 3.6% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its biggest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Royal Bank of Canada were worth $10,770,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Banque Cantonale Vaudoise purchased a new position in Royal Bank of Canada in the third quarter worth $26,000. Stonehage Fleming Financial Services Holdings Ltd purchased a new position in Royal Bank of Canada in the third quarter worth $34,000. Cullen Frost Bankers Inc. purchased a new position in Royal Bank of Canada in the third quarter worth $44,000. Janiczek Wealth Management LLC grew its holdings in Royal Bank of Canada by 36.8% in the fourth quarter. Janiczek Wealth Management LLC now owns 733 shares of the financial services provider’s stock worth $74,000 after purchasing an additional 197 shares during the last quarter. Finally, Rowlandmiller & PARTNERS.ADV purchased a new position in Royal Bank of Canada in the fourth quarter worth $105,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Stock Performance

NYSE RY traded down $1.76 on Wednesday, reaching $97.09. 2,743,500 shares of the company’s stock traded hands, compared to its average volume of 1,235,933. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $103.88. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $137.35 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 1.71 and a beta of 0.86. The stock has a 50 day moving average price of $99.10 and a 200-day moving average price of $94.60.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Wednesday, February 28th. The financial services provider reported $2.11 EPS for the quarter, beating the consensus estimate of $2.06 by $0.05. Royal Bank of Canada had a net margin of 12.43% and a return on equity of 14.74%. The company had revenue of $9.98 billion for the quarter, compared to analyst estimates of $10.10 billion. Equities research analysts predict that Royal Bank of Canada will post 8.45 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Thursday, April 25th will be issued a $1.0207 dividend. This represents a $4.08 annualized dividend and a yield of 4.21%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend is Wednesday, April 24th. Royal Bank of Canada’s dividend payout ratio is presently 37.66%.

Analysts Set New Price Targets

Several research firms have issued reports on RY. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Tuesday, February 6th. BMO Capital Markets raised shares of Royal Bank of Canada from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $140.00 to $150.00 in a report on Friday, April 5th. Jefferies Financial Group initiated coverage on shares of Royal Bank of Canada in a report on Thursday, February 22nd. They set a “hold” rating on the stock. Finally, Barclays initiated coverage on shares of Royal Bank of Canada in a report on Wednesday, March 20th. They set an “equal weight” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Royal Bank of Canada presently has an average rating of “Hold” and an average price target of $137.67.

Royal Bank of Canada Company 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.