Prime Capital Investment Advisors LLC Purchases 843 Shares of Royal Bank of Canada (NYSE:RY)

Prime Capital Investment Advisors LLC raised its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 6.2% in the second quarter, Holdings Channel reports. The fund owned 14,355 shares of the financial services provider’s stock after buying an additional 843 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Royal Bank of Canada were worth $1,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Royal Bank of Canada by 1.8% in the first quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock worth $5,618,566,000 after acquiring an additional 964,898 shares during the last quarter. TD Asset Management Inc grew its position in Royal Bank of Canada by 21.7% in the 4th quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock worth $3,310,010,000 after purchasing an additional 5,810,077 shares during the last quarter. Bank of Nova Scotia increased its holdings in shares of Royal Bank of Canada by 5.1% during the 4th quarter. Bank of Nova Scotia now owns 28,024,917 shares of the financial services provider’s stock worth $2,834,219,000 after purchasing an additional 1,357,956 shares during the period. National Bank of Canada FI raised its position in shares of Royal Bank of Canada by 16.7% during the second quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after buying an additional 2,901,033 shares during the last quarter. Finally, FIL Ltd lifted its stake in shares of Royal Bank of Canada by 1.8% in the fourth quarter. FIL Ltd now owns 18,790,164 shares of the financial services provider’s stock valued at $1,900,217,000 after buying an additional 333,333 shares during the period. 45.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. UBS Group started coverage on Royal Bank of Canada in a research note on Tuesday, July 2nd. They set a “buy” rating on the stock. BMO Capital Markets boosted their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Argus raised their target price on 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. Finally, StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Stock Performance

Shares of NYSE:RY opened at $122.88 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The business’s fifty day moving average price is $114.15 and its two-hundred day moving average price is $106.67. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $124.46. The stock has a market capitalization of $173.88 billion, a price-to-earnings ratio of 15.25, a price-to-earnings-growth ratio of 2.01 and a beta of 0.86.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a $1.028 dividend. This represents a $4.11 annualized dividend and a dividend yield of 3.35%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s payout ratio is 51.49%.

Royal Bank of Canada 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.