Shikiar Asset Management Inc. Has $4.25 Million Stake in Royal Bank Of Canada $RY

Shikiar Asset Management Inc. reduced its stake in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 49.0% during the 1st quarter, HoldingsChannel reports. The fund owned 26,290 shares of the financial services provider’s stock after selling 25,250 shares during the quarter. Royal Bank Of Canada comprises 1.2% of Shikiar Asset Management Inc.’s investment portfolio, making the stock its 26th largest position. Shikiar Asset Management Inc.’s holdings in Royal Bank Of Canada were worth $4,253,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. HighTower Advisors LLC raised its position in 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 valued at $16,407,000 after buying an additional 15,046 shares during the last quarter. Fisher Asset Management LLC boosted its position in Royal Bank Of Canada by 6.1% during 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 acquiring an additional 368,534 shares during the last quarter. Rathbones Group PLC grew its stake in shares of Royal Bank Of Canada by 9.0% during the 4th quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider’s stock worth $55,480,000 after acquiring an additional 26,782 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Royal Bank Of Canada by 3.6% during 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 acquiring an additional 287,504 shares in the last quarter. Finally, Indivisible Partners acquired a new stake in shares of Royal Bank Of Canada in the fourth quarter valued at approximately $7,335,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RY has been the topic of a number of research reports. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Argus set a $225.00 target price on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Raymond James Financial cut shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. Finally, Weiss Ratings upgraded shares of Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Royal Bank Of Canada has an average rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Trading Up 1.0%

Shares of Royal Bank Of Canada stock opened at $206.85 on Wednesday. Royal Bank Of Canada has a 12-month low of $127.38 and a 12-month high of $207.22. The stock has a market cap of $287.47 billion, a P/E ratio of 18.59, a P/E/G ratio of 1.62 and a beta of 0.81. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $189.78 and its 200-day moving average is $175.70.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, beating the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The company had revenue of $12.84 billion during the quarter, compared to the consensus estimate of $12.74 billion. During the same quarter in the prior year, the firm posted $3.12 EPS. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. Equities research analysts predict that Royal Bank Of Canada will post 11.45 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be paid a $1.76 dividend. This is an increase 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%. The ex-dividend date is Monday, July 27th. Royal Bank Of Canada’s dividend payout ratio is 42.41%.

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.