Royal Bank Of Canada $RY Shares Sold by Cardinal Point Capital Management ULC

Cardinal Point Capital Management ULC reduced its position in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 2.1% during the third quarter, HoldingsChannel reports. The firm owned 188,662 shares of the financial services provider’s stock after selling 4,120 shares during the period. Royal Bank Of Canada comprises approximately 2.0% of Cardinal Point Capital Management ULC’s portfolio, making the stock its 12th largest holding. Cardinal Point Capital Management ULC’s holdings in Royal Bank Of Canada were worth $37,225,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. The Manufacturers Life Insurance Company acquired a new stake in Royal Bank Of Canada during the 2nd quarter worth about $2,296,717,000. Legal & General Group Plc bought a new stake in shares of Royal Bank Of Canada during the 2nd quarter valued at about $1,645,758,000. M. Kulyk & Associates LLC acquired a new stake in Royal Bank Of Canada during the second quarter worth approximately $2,953,000. Korea Investment CORP acquired a new stake in Royal Bank Of Canada during the second quarter worth approximately $175,489,000. Finally, Nykredit A S bought a new stake in Royal Bank Of Canada in the second quarter worth approximately $57,183,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank Of Canada Stock Up 1.4%

Shares of NYSE RY opened at $201.85 on Thursday. The stock has a market capitalization of $279.36 billion, a P/E ratio of 17.15, a PEG ratio of 1.78 and a beta of 0.80. The firm’s 50 day simple moving average is $202.80 and its two-hundred day simple moving average is $197.41. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.81 and a quick ratio of 0.81. Royal Bank Of Canada has a one year low of $143.38 and a one year high of $218.57.

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

Royal Bank Of Canada Dividend Announcement

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

Analyst Upgrades and Downgrades

RY has been the subject of several research analyst reports. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research note on Friday, August 28th. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research 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. Weiss Ratings upgraded Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, July 29th. Finally, Barclays reaffirmed an “overweight” rating on shares of Royal Bank Of Canada in a report on Friday, August 21st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Royal Bank Of Canada has a consensus rating of “Moderate Buy” and an average price target of $225.00.

Royal Bank Of Canada Profile

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.