Legal & General Group Plc Invests $1.65 Billion in Royal Bank Of Canada $RY

Legal & General Group Plc bought a new position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,950,572 shares of the financial services provider’s stock, valued at approximately $1,645,758,000. Legal & General Group Plc owned approximately 0.57% of Royal Bank Of Canada as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Harvest Fund Management Co. Ltd purchased a new stake in Royal Bank Of Canada during the fourth quarter worth approximately $25,000. Key Financial Inc raised its stake in shares of Royal Bank Of Canada by 63.0% in the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 63 shares during the period. Johnson Financial Group Inc. purchased a new position in shares of Royal Bank Of Canada in the 3rd quarter valued at $27,000. BOK Financial Private Wealth Inc. acquired a new position in shares of Royal Bank Of Canada during the 2nd quarter valued at $28,000. Finally, Maseco LLP boosted its position in Royal Bank Of Canada by 355.0% during the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 142 shares during the period. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on RY shares. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Raymond James Financial downgraded Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. Argus set a $225.00 target price on Royal Bank Of Canada in a report on Thursday, June 11th. Barclays reissued an “overweight” rating on shares of Royal Bank Of Canada in a research report on Friday. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Royal Bank Of Canada in a research report on Friday. They issued a “market perform” rating for the company. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $225.00.

Royal Bank Of Canada Trading Down 0.6%

RY opened at $203.99 on Tuesday. Royal Bank Of Canada has a 12-month low of $136.10 and a 12-month high of $218.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $282.85 billion, a PE ratio of 18.33, a P/E/G ratio of 1.54 and a beta of 0.80. The firm’s fifty day moving average price is $208.67 and its 200 day moving average price is $187.02.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data 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. The company had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The firm’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period last year, the business earned $3.12 EPS. As a group, research analysts expect that Royal Bank Of Canada will post 11.59 EPS 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. Investors of record on Monday, July 27th were paid a $1.76 dividend. This represents a $7.04 dividend on an annualized basis and a yield of 3.5%. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date was Monday, July 27th. Royal Bank Of Canada’s payout ratio is 44.56%.

Royal Bank Of Canada Company 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.