Global Retirement Partners LLC Cuts Holdings in Royal Bank of Canada (NYSE:RY)

Global Retirement Partners LLC lessened its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 8.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,496 shares of the financial services provider’s stock after selling 1,084 shares during the period. Global Retirement Partners LLC’s holdings in Royal Bank of Canada were worth $1,434,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of RY. National Bank of Canada FI grew its stake in shares of Royal Bank of Canada by 16.7% during the 2nd quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock worth $2,141,681,000 after purchasing an additional 2,901,033 shares during the period. Capital World Investors grew its position in Royal Bank of Canada by 75.0% during the first quarter. Capital World Investors now owns 6,320,246 shares of the financial services provider’s stock worth $637,460,000 after buying an additional 2,708,534 shares during the period. Canada Pension Plan Investment Board increased its holdings in Royal Bank of Canada by 40.5% in the first quarter. Canada Pension Plan Investment Board now owns 5,039,171 shares of the financial services provider’s stock valued at $508,739,000 after buying an additional 1,452,127 shares in the last quarter. Vanguard Group Inc. increased its holdings in 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 valued at $5,618,566,000 after buying an additional 964,898 shares in the last quarter. Finally, MUFG Securities EMEA plc acquired a new stake in shares of Royal Bank of Canada during the 2nd quarter valued at approximately $29,254,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Royal Bank of Canada Stock Down 0.3 %

RY opened at $126.05 on Friday. The firm has a market cap of $178.37 billion, a P/E ratio of 15.64, a PEG ratio of 2.02 and a beta of 0.86. The business’s fifty day simple moving average is $120.33 and its 200 day simple moving average is $110.37. Royal Bank of Canada has a 52 week low of $77.90 and a 52 week high of $126.96. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.23. The company had revenue of $10.68 billion for the quarter, compared to analysts’ expectations of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. As a group, equities research analysts anticipate that Royal Bank of Canada will post 8.91 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be issued a $1.028 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a yield of 3.26%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 51.99%.

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.