Royal Bank of Canada (NYSE:RY) Shares Purchased by Parallel Advisors LLC

Parallel Advisors LLC lifted its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 6.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,785 shares of the financial services provider’s stock after acquiring an additional 328 shares during the period. Parallel Advisors LLC’s holdings in Royal Bank of Canada were worth $615,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RY. Ridgewood Investments LLC bought a new stake in Royal Bank of Canada in the second quarter valued at $27,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Royal Bank of Canada during the second quarter valued at $33,000. Mather Group LLC. bought a new position in Royal Bank of Canada in the 1st quarter valued at about $49,000. Nisa Investment Advisors LLC boosted its stake in Royal Bank of Canada by 293.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 379 shares in the last quarter. Finally, Heritage Wealth Advisors bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth $61,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

Shares of RY opened at $123.33 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $124.46. The business’s 50-day moving average is $113.88 and its 200-day moving average is $106.49. The company has a market capitalization of $174.52 billion, a price-to-earnings ratio of 15.30, a P/E/G ratio of 2.01 and a beta of 0.86.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.33%. Royal Bank of Canada’s payout ratio is currently 51.49%.

Analysts Set New Price Targets

A number of brokerages have weighed in on RY. UBS Group started coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a “buy” rating for the company. BMO Capital Markets boosted their target price on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Finally, Argus lifted their target price on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.