Commerce Bank Invests $2.78 Million in Royal Bank Of Canada $RY

Commerce Bank purchased a new position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 13,413 shares of the financial services provider’s stock, valued at approximately $2,776,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RY. HighTower Advisors LLC increased its stake in shares of Royal Bank Of Canada by 18.5% during the fourth quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider’s stock worth $16,407,000 after acquiring an additional 15,046 shares during the period. Fisher Asset Management LLC raised its holdings in Royal Bank Of Canada by 6.1% during the fourth 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 lifted its position in Royal Bank Of Canada by 9.0% in the fourth quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider’s stock valued at $55,480,000 after purchasing an additional 26,782 shares during the period. Indivisible Partners acquired a new stake in Royal Bank Of Canada in the fourth quarter valued at about $7,335,000. Finally, The Manufacturers Life Insurance Company lifted its position in Royal Bank Of Canada by 2.1% in the first quarter. The Manufacturers Life Insurance Company now owns 12,130,512 shares of the financial services provider’s stock valued at $1,959,185,000 after purchasing an additional 250,859 shares during the period. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RY has been the topic of several recent analyst reports. Barclays reiterated an “overweight” rating on shares of Royal Bank Of Canada in a research report on Friday. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a report on Wednesday, August 19th. Argus set a $225.00 price target on Royal Bank Of Canada in a research note on Thursday, June 11th. Raymond James Financial lowered Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Finally, Weiss Ratings upgraded Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $225.00.

Royal Bank Of Canada Stock Down 0.6%

RY stock opened at $203.99 on Tuesday. The company has a market cap of $282.85 billion, a P/E ratio of 18.33, a P/E/G ratio of 1.54 and a beta of 0.80. Royal Bank Of Canada has a 52 week low of $136.10 and a 52 week high of $218.57. The company’s 50-day moving average price is $208.67 and its 200 day moving average price is $187.02. 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 issued its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The company had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. During the same period in the prior year, the business posted $3.12 earnings per share. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. On average, research analysts expect that Royal Bank Of Canada will post 11.59 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, July 27th were paid a dividend of $1.76 per share. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend was Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 3.5%. Royal Bank Of Canada’s dividend payout ratio is presently 44.56%.

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.