Elite Wealth Management Inc. Takes $5.24 Million Position in Royal Bank Of Canada $RY

Elite Wealth Management Inc. acquired a new stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the first quarter, HoldingsChannel reports. The fund acquired 32,416 shares of the financial services provider’s stock, valued at approximately $5,244,000. Royal Bank Of Canada accounts for approximately 1.7% of Elite Wealth Management Inc.’s holdings, making the stock its 14th largest position.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Royal Bank Of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider’s stock worth $11,529,165,000 after buying an additional 1,290,142 shares in the last quarter. FIL Ltd increased its position in shares of Royal Bank Of Canada by 1.1% in the 4th quarter. FIL Ltd now owns 23,258,871 shares of the financial services provider’s stock worth $3,965,133,000 after purchasing an additional 255,465 shares during the last quarter. Norges Bank acquired a new stake in shares of Royal Bank Of Canada in the 4th quarter valued at about $3,472,382,000. Bank of Nova Scotia raised its stake in shares of Royal Bank Of Canada by 1.6% in the 4th quarter. Bank of Nova Scotia now owns 15,233,532 shares of the financial services provider’s stock valued at $2,596,904,000 after purchasing an additional 238,589 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Royal Bank Of Canada by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider’s stock worth $2,389,773,000 after purchasing an additional 882,253 shares during the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank Of Canada Trading Up 0.2%

NYSE:RY opened at $209.54 on Tuesday. Royal Bank Of Canada has a 12-month low of $127.38 and a 12-month high of $218.57. The firm has a market capitalization of $290.55 billion, a P/E ratio of 18.83, a P/E/G ratio of 1.66 and a beta of 0.80. 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 business has a 50 day simple moving average of $201.42 and a 200 day simple moving average of $181.14.

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

Royal Bank Of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be given a dividend of $1.76 per share. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, July 27th. Royal Bank Of Canada’s payout ratio is presently 44.47%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RY. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Raymond James Financial cut Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research note on Tuesday, May 12th. Weiss Ratings downgraded shares of Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a report on Monday, June 29th. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Finally, Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $225.00.

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.