Maryland State Retirement & Pension System Increases Stock Position in Royal Bank Of Canada $RY

Maryland State Retirement & Pension System raised its stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 6.8% in the first quarter, Holdings Channel.com reports. The fund owned 158,391 shares of the financial services provider’s stock after purchasing an additional 10,080 shares during the period. Maryland State Retirement & Pension System’s holdings in Royal Bank Of Canada were worth $25,610,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Harvest Fund Management Co. Ltd purchased a new position in shares of Royal Bank Of Canada during the 4th quarter worth approximately $25,000. Tradewinds Capital Management LLC acquired a new stake in Royal Bank Of Canada in the 4th quarter valued at approximately $26,000. Key Financial Inc raised its position in Royal Bank Of Canada by 63.0% in the first quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 63 shares during the period. Johnson Financial Group Inc. purchased a new stake in Royal Bank Of Canada in the third quarter valued at approximately $27,000. Finally, Maseco LLP raised its position in Royal Bank Of Canada by 355.0% in the first quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 142 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank Of Canada Stock Up 1.6%

Shares of NYSE RY opened at $214.00 on Wednesday. The stock has a market cap of $297.40 billion, a P/E ratio of 19.23, a PEG ratio of 1.67 and a beta of 0.80. The business’s fifty day simple moving average is $196.03 and its 200-day simple moving average is $178.55. Royal Bank Of Canada has a 12-month low of $127.38 and a 12-month high of $214.48. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, topping 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 firm had revenue of $12.84 billion during the quarter, compared to analysts’ expectations of $12.74 billion. During the same period in the previous year, the firm posted $3.12 EPS. Royal Bank Of Canada’s revenue for the quarter was up 11.4% on a year-over-year basis. As a group, equities analysts predict that Royal Bank Of Canada will post 11.45 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be paid a $1.76 dividend. This represents a $7.04 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Monday, July 27th. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s dividend payout ratio (DPR) is 42.41%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Argus set a $225.00 price objective on Royal Bank Of Canada in a report on Thursday, June 11th. Raymond James Financial lowered Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 12th. TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Finally, Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Royal Bank Of Canada has an average rating of “Moderate Buy” and an average price target of $225.00.

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.