MML Investors Services LLC boosted its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 8.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,939 shares of the financial services provider’s stock after buying an additional 971 shares during the period. MML Investors Services LLC’s holdings in Royal Bank of Canada were worth $1,056,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Delpha Capital Management LLC purchased a new stake in Royal Bank of Canada during the fourth quarter valued at about $151,000. Fieldpoint Private Securities LLC purchased a new stake in Royal Bank of Canada during the third quarter valued at about $153,000. Holderness Investments Co. purchased a new stake in Royal Bank of Canada during the third quarter valued at about $203,000. Private Advisor Group LLC purchased a new stake in Royal Bank of Canada during the fourth quarter valued at about $203,000. Finally, Cypress Capital Management LLC purchased a new stake in Royal Bank of Canada during the fourth quarter valued at about $204,000. 42.85% of the stock is owned by institutional investors.
A number of equities research analysts have weighed in on RY shares. Scotiabank restated a “hold” rating and set a $101.00 price target on shares of Royal Bank of Canada in a research report on Wednesday, November 22nd. Canaccord Genuity restated a “hold” rating and set a $105.00 price target on shares of Royal Bank of Canada in a research report on Wednesday, November 29th. BMO Capital Markets restated a “hold” rating and set a $102.00 price target on shares of Royal Bank of Canada in a research report on Wednesday, November 29th. Zacks Investment Research upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Wednesday, December 6th. Finally, Argus raised their price target on Royal Bank of Canada to $94.00 and gave the company a “buy” rating in a research report on Friday, January 5th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $98.60.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Friday, February 23rd. The financial services provider reported $1.72 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.57 by $0.15. Royal Bank of Canada had a return on equity of 17.60% and a net margin of 21.64%. The firm had revenue of $10.83 billion for the quarter, compared to the consensus estimate of $9.98 billion. During the same quarter in the previous year, the business earned $1.83 earnings per share. The company’s quarterly revenue was up 12.3% on a year-over-year basis. research analysts expect that Royal Bank of Canada will post 6.66 EPS for the current year.
Royal Bank of Canada declared that its Board of Directors has initiated a share repurchase plan 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 plans are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 24th. Investors of record on Wednesday, April 25th will be issued a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Tuesday, April 24th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.72. Royal Bank of Canada’s payout ratio is currently 49.48%.
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Royal Bank of Canada Profile
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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