Royal Bank Of Canada $RY Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc increased its stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 1.3% in the 4th quarter, Holdings Channel reports. The firm owned 10,835,008 shares of the financial services provider’s stock after purchasing an additional 136,386 shares during the period. Royal Bank Of Canada accounts for 4.5% of CIBC Asset Management Inc’s investment portfolio, making the stock its largest holding. CIBC Asset Management Inc’s holdings in Royal Bank Of Canada were worth $1,852,518,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Tradewinds Capital Management LLC acquired a new position in Royal Bank Of Canada in the 4th quarter valued at $26,000. Johnson Financial Group Inc. acquired a new position in Royal Bank Of Canada in the 3rd quarter valued at $27,000. Highline Wealth Partners LLC raised its stake in Royal Bank Of Canada by 75.4% in the 4th quarter. Highline Wealth Partners LLC now owns 207 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 89 shares during the last quarter. Cornerstone Planning Group LLC raised its stake in Royal Bank Of Canada by 55.3% in the 4th quarter. Cornerstone Planning Group LLC now owns 247 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 88 shares during the last quarter. Finally, Midwest Capital Advisors LLC acquired a new position in Royal Bank Of Canada in the 4th quarter valued at $43,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank Of Canada Stock Up 1.4%

Shares of NYSE:RY opened at $191.18 on Wednesday. The business has a 50-day moving average price of $175.83 and a 200 day moving average price of $168.90. 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 capitalization of $267.21 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 1.48 and a beta of 0.81. Royal Bank Of Canada has a 12-month low of $126.02 and a 12-month high of $191.51.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.83% and a net margin of 15.92%.The firm had revenue of $12.84 billion during the quarter, compared to the consensus estimate of $12.74 billion. During the same period last year, the company earned $3.12 EPS. The company’s quarterly revenue was up 11.4% on a year-over-year basis. Sell-side analysts expect that Royal Bank Of Canada will post 11.52 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The business 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 $1.76 dividend. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a yield of 3.7%. Royal Bank Of Canada’s payout ratio is 42.41%.

Analyst Ratings Changes

Several research firms recently commented on RY. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a research note on Friday. Raymond James Financial downgraded shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. 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. Weiss Ratings downgraded shares of Royal Bank Of Canada from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 18th. Finally, TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a report on Friday. Ten analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $162.00.

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.