Royal Bank of Canada (NYSE:RY) Stake Lifted by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 6.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,045 shares of the financial services provider’s stock after buying an additional 4,980 shares during the period. PNC Financial Services Group Inc.’s holdings in Royal Bank of Canada were worth $10,483,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. BIP Wealth LLC acquired a new stake in shares of Royal Bank of Canada in the 3rd quarter worth about $364,000. Caprock Group LLC increased its stake in shares of Royal Bank of Canada by 15.4% in the third quarter. Caprock Group LLC now owns 7,296 shares of the financial services provider’s stock valued at $910,000 after purchasing an additional 971 shares during the period. Drive Wealth Management LLC raised its holdings in shares of Royal Bank of Canada by 3.4% during the third quarter. Drive Wealth Management LLC now owns 2,799 shares of the financial services provider’s stock valued at $349,000 after buying an additional 92 shares during the last quarter. Prudent Man Advisors LLC acquired a new position in shares of Royal Bank of Canada during the third quarter worth approximately $220,000. Finally, Natixis Advisors LLC grew its holdings in Royal Bank of Canada by 3.9% in the 3rd quarter. Natixis Advisors LLC now owns 122,223 shares of the financial services provider’s stock worth $15,245,000 after buying an additional 4,615 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors.

Royal Bank of Canada Stock Performance

Shares of RY opened at $125.02 on Friday. 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 firm’s 50 day moving average is $123.39 and its 200-day moving average is $114.56. Royal Bank of Canada has a 12-month low of $85.02 and a 12-month high of $126.96. The stock has a market capitalization of $176.74 billion, a P/E ratio of 15.12, a P/E/G ratio of 1.88 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its earnings results 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. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. The business had revenue of $10.68 billion for the quarter, compared to analysts’ expectations of $10.40 billion. Equities research analysts anticipate that Royal Bank of Canada will post 8.88 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th were paid a dividend of $1.028 per share. This represents a $4.11 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend was Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is presently 50.79%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on RY shares. Barclays raised Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday. BMO Capital Markets lifted 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, TD Securities lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $142.50.

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.