Royal Bank of Canada (NYSE:RY) Shares Bought by Creative Planning

Creative Planning increased its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 6.4% during the third quarter, HoldingsChannel.com reports. The fund owned 211,411 shares of the financial services provider’s stock after buying an additional 12,693 shares during the period. Creative Planning’s holdings in Royal Bank of Canada were worth $26,369,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Grove Bank & Trust acquired a new position in Royal Bank of Canada in the 3rd quarter worth approximately $28,000. Ridgewood Investments LLC purchased a new stake in shares of Royal Bank of Canada in the second quarter valued at $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Royal Bank of Canada in the second quarter worth $33,000. Mather Group LLC. purchased a new position in shares of Royal Bank of Canada during the first quarter valued at $49,000. Finally, Nisa Investment Advisors LLC raised its position in Royal Bank of Canada by 293.8% during the second quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after buying an additional 379 shares during the period. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Stock Down 0.3 %

Shares of Royal Bank of Canada stock opened at $126.05 on Monday. The firm has a market cap of $178.37 billion, a price-to-earnings ratio of 15.64, a P/E/G ratio of 2.02 and a beta of 0.86. The stock has a 50-day simple moving average of $120.33 and a 200-day simple moving average of $110.52. Royal Bank of Canada has a 52-week low of $77.90 and a 52-week high of $126.96. 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 (NYSE:RY) (TSE:RY) last posted its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The firm had revenue of $10.68 billion during the quarter, compared to analysts’ expectations of $10.40 billion. On average, equities research analysts expect that Royal Bank of Canada will post 8.91 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RY. UBS Group assumed coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They set a “buy” rating for the company. BMO Capital Markets upped their price objective on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Royal Bank of Canada 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.