Eastern Bank Takes Position in Royal Bank of Canada (NYSE:RY)

Eastern Bank acquired a new stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 476 shares of the financial services provider’s stock, valued at approximately $59,000.

Other large investors also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. raised its position in shares of Royal Bank of Canada by 110.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 118 shares during the period. Grove Bank & Trust acquired a new position in shares of Royal Bank of Canada in the third quarter valued at about $28,000. Ridgewood Investments LLC acquired a new position in shares of Royal Bank of Canada in the second quarter valued at about $27,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Royal Bank of Canada in the second quarter valued at about $33,000. Finally, Nisa Investment Advisors LLC grew its stake in shares of Royal Bank of Canada by 293.8% in the second quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 379 shares in the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank of Canada Trading Down 0.9 %

Shares of Royal Bank of Canada stock opened at $122.47 on Friday. The company has a market capitalization of $173.30 billion, a price-to-earnings ratio of 15.19, a PEG ratio of 2.05 and a beta of 0.86. 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 has a 12-month low of $77.90 and a 12-month high of $126.96. The firm’s 50-day moving average price is $121.53 and its two-hundred day moving average price is $111.04.

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

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be paid a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.36%. Royal Bank of Canada’s payout ratio is currently 51.99%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. BMO Capital Markets upped their price target 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. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Finally, UBS Group began 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 equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

About Royal Bank of Canada

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.