Alliancebernstein L.P. grew its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 728,381 shares of the financial services provider’s stock after purchasing an additional 847 shares during the quarter. Alliancebernstein L.P. owned approximately 0.05% of Royal Bank of Canada worth $59,472,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Delpha Capital Management LLC bought a new stake in shares of Royal Bank of Canada in the fourth quarter valued at about $151,000. Yorktown Management & Research Co Inc bought a new stake in shares of Royal Bank of Canada in the fourth quarter valued at about $302,000. Mackenzie Financial Corp raised its holdings in shares of Royal Bank of Canada by 273.2% in the fourth quarter. Mackenzie Financial Corp now owns 23,581,923 shares of the financial services provider’s stock valued at $1,925,464,000 after acquiring an additional 17,263,862 shares in the last quarter. Wade G W & Inc. raised its holdings in shares of Royal Bank of Canada by 1.5% in the fourth quarter. Wade G W & Inc. now owns 158,870 shares of the financial services provider’s stock valued at $12,972,000 after acquiring an additional 2,388 shares in the last quarter. Finally, King Luther Capital Management Corp bought a new stake in shares of Royal Bank of Canada in the fourth quarter valued at about $5,716,000. 42.85% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently weighed in on RY. Zacks Investment Research downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, February 16th. Scotiabank reiterated a “hold” rating and issued a $101.00 target price on shares of Royal Bank of Canada in a report on Wednesday, November 22nd. CIBC downgraded shares of Royal Bank of Canada from an “outperform” rating to a “neutral” rating in a report on Thursday, February 1st. Argus boosted their target price on shares of Royal Bank of Canada to $94.00 and gave the stock a “buy” rating in a report on Friday, January 5th. They noted that the move was a valuation call. Finally, ValuEngine downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Thursday, March 8th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Royal Bank of Canada has a consensus rating of “Hold” and a consensus target price of $98.60.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Friday, February 23rd. The financial services provider reported $1.72 EPS for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.15. The business had revenue of $10.83 billion during the quarter, compared to the consensus estimate of $9.98 billion. Royal Bank of Canada had a net margin of 21.64% and a return on equity of 17.60%. The firm’s revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.83 earnings per share. equities analysts predict that Royal Bank of Canada will post 6.66 EPS for the current fiscal year.
Royal Bank of Canada announced that its Board of Directors has authorized a share buyback program on Friday, February 23rd that allows the company to buyback 30,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 24th. Stockholders of record on Wednesday, April 25th will be paid a dividend of $0.74 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.72. The ex-dividend date is Tuesday, April 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.73%. Royal Bank of Canada’s payout ratio is presently 49.40%.
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About Royal Bank of Canada
Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
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