Pinnacle Associates Ltd. Sells 30,145 Shares of Royal Bank Of Canada $RY

Pinnacle Associates Ltd. lessened its position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 52.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,385 shares of the financial services provider’s stock after selling 30,145 shares during the period. Pinnacle Associates Ltd.’s holdings in Royal Bank Of Canada were worth $5,384,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Key Financial Inc grew its stake in shares of Royal Bank Of Canada by 63.0% during the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 63 shares during the period. BOK Financial Private Wealth Inc. purchased a new stake in Royal Bank Of Canada in the 2nd quarter worth about $28,000. Maseco LLP increased its holdings in Royal Bank Of Canada by 355.0% in the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 142 shares during the last quarter. Highland Investment Advisors LLC bought a new stake in Royal Bank Of Canada in the 2nd quarter valued at about $31,000. Finally, Bell Investment Advisors Inc bought a new stake in Royal Bank Of Canada in the 2nd quarter valued at about $32,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 19th. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a research report on Friday, August 28th. Barclays reissued an “overweight” rating on shares of Royal Bank Of Canada in a research report on Friday, August 21st. 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 Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $225.00.

Royal Bank Of Canada Price Performance

Royal Bank Of Canada stock opened at $201.93 on Friday. The firm has a market capitalization of $279.47 billion, a P/E ratio of 17.40, a PEG ratio of 1.81 and a beta of 0.80. Royal Bank Of Canada has a one year low of $143.38 and a one year high of $218.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81. The business has a fifty day moving average price of $202.54 and a 200-day moving average price of $197.68.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Thursday, August 27th. The financial services provider reported $3.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.89 by $0.18. Royal Bank Of Canada had a return on equity of 17.79% and a net margin of 16.17%. The company had revenue of $13.22 billion for the quarter, compared to analyst estimates of $12.98 billion. As a group, equities research analysts forecast that Royal Bank Of Canada will post 11.83 EPS for the current year.

Royal Bank Of Canada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Monday, October 26th will be paid a C$1.76 dividend. The ex-dividend date is Monday, October 26th. This represents a $7.04 annualized dividend and a yield of 3.5%. Royal Bank Of Canada’s dividend payout ratio (DPR) is currently 43.39%.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it operates under the RBC brand and provides banking, wealth management, capital markets, insurance and investor services to individuals, businesses, institutions and governments.

RBC’s personal and commercial banking operations offer deposit accounts, lending, mortgages, credit cards, payment services and financial advice. Its wealth management business provides investment management, private banking, trust, brokerage and advisory services, while RBC Capital Markets delivers investment banking, sales and trading, research and corporate finance services.