Summit Global Investments Reduces Stock Holdings in Royal Bank Of Canada $RY

Summit Global Investments reduced its holdings in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 75.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,163 shares of the financial services provider’s stock after selling 12,870 shares during the period. Summit Global Investments’ holdings in Royal Bank Of Canada were worth $613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in RY. Brighton Jones LLC increased its holdings in shares of Royal Bank Of Canada by 33.1% during the fourth quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider’s stock valued at $279,000 after acquiring an additional 575 shares in the last quarter. AQR Capital Management LLC boosted its stake in Royal Bank Of Canada by 60.9% in the 1st quarter. AQR Capital Management LLC now owns 11,779 shares of the financial services provider’s stock worth $1,321,000 after purchasing an additional 4,460 shares in the last quarter. Sivia Capital Partners LLC grew its position in Royal Bank Of Canada by 57.7% during the 2nd quarter. Sivia Capital Partners LLC now owns 5,284 shares of the financial services provider’s stock worth $695,000 after purchasing an additional 1,934 shares during the last quarter. ASR Vermogensbeheer N.V. increased its stake in Royal Bank Of Canada by 2.7% during the 2nd quarter. ASR Vermogensbeheer N.V. now owns 37,746 shares of the financial services provider’s stock valued at $4,965,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Royal Bank Of Canada in the second quarter worth $82,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on RY shares. National Bankshares reissued an “outperform” rating on shares of Royal Bank Of Canada in a report on Thursday, December 4th. Barclays reaffirmed an “overweight” rating on shares of Royal Bank Of Canada in a research report on Monday, November 24th. UBS Group reissued a “buy” rating on shares of Royal Bank Of Canada in a report on Tuesday, November 25th. Zacks Research upgraded Royal Bank Of Canada from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 9th. Finally, Jefferies Financial Group lowered Royal Bank Of Canada from a “buy” rating to a “hold” rating in a research report on Tuesday, November 25th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $162.00.

Royal Bank Of Canada Stock Down 1.5%

Shares of RY opened at $166.22 on Friday. The company has a market capitalization of $232.29 billion, a price-to-earnings ratio of 16.57, a PEG ratio of 1.20 and a beta of 0.79. Royal Bank Of Canada has a 52 week low of $106.10 and a 52 week high of $174.61. The stock’s 50-day moving average price is $165.94 and its 200-day moving average price is $150.49. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.11.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Wednesday, December 3rd. The financial services provider reported $2.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.51 by $0.25. Royal Bank Of Canada had a return on equity of 16.83% and a net margin of 14.83%.The company had revenue of $12.27 billion during the quarter, compared to the consensus estimate of $12.12 billion. During the same period in the previous year, the company posted $3.07 earnings per share. Royal Bank Of Canada’s revenue for the quarter was up 14.2% on a year-over-year basis. On average, sell-side analysts predict that Royal Bank Of Canada will post 9.16 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, February 24th. Investors of record on Monday, January 26th will be issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 3.9%. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.54. The ex-dividend date of this dividend is Monday, January 26th. Royal Bank Of Canada’s payout ratio is currently 47.66%.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.