Pinebridge Investments LLC Acquires Shares of 7,923 Royal Bank Of Canada $RY

Pinebridge Investments LLC acquired a new stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 7,923 shares of the financial services provider’s stock, valued at approximately $1,351,000.

Other institutional investors and hedge funds have also modified their holdings of the company. HighTower Advisors LLC increased its holdings in shares of Royal Bank Of Canada by 18.5% in the 4th 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 in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Royal Bank Of Canada by 2.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 344,993 shares of the financial services provider’s stock worth $50,824,000 after purchasing an additional 7,278 shares in the last quarter. Fisher Asset Management LLC increased 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 worth $1,086,601,000 after purchasing an additional 368,534 shares in the last quarter. Rathbones Group PLC increased 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 worth $55,480,000 after purchasing an additional 26,782 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Royal Bank Of Canada by 3.6% in the 3rd quarter. Legal & General Group Plc now owns 8,275,134 shares of the financial services provider’s stock worth $1,219,924,000 after purchasing an additional 287,504 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on RY. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. TD Securities reissued a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Raymond James Financial lowered Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Finally, Weiss Ratings raised Royal Bank Of Canada from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, June 1st. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.00.

Royal Bank Of Canada Stock Performance

Shares of RY opened at $195.34 on Tuesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. Royal Bank Of Canada has a one year low of $126.02 and a one year high of $196.53. The firm has a market capitalization of $271.47 billion, a P/E ratio of 17.55, a PEG ratio of 1.53 and a beta of 0.81. The business has a fifty day moving average of $179.06 and a 200 day moving average of $170.51.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its earnings results 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. The company had revenue of $12.84 billion for the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.83% and a net margin of 15.92%.Royal Bank Of Canada’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the business earned $3.12 earnings per share. As a group, sell-side analysts anticipate 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 given a dividend of $1.76 per share. This represents a $7.04 annualized dividend and a yield of 3.6%. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date is Monday, July 27th. Royal Bank Of Canada’s dividend payout ratio (DPR) is presently 42.41%.

About Royal Bank Of Canada

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.