Bessemer Group Inc. Sells 15,212 Shares of Royal Bank Of Canada $RY

Bessemer Group Inc. lowered its stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 21.4% during the third quarter, Holdings Channel reports. The fund owned 55,865 shares of the financial services provider’s stock after selling 15,212 shares during the period. Bessemer Group Inc.’s holdings in Royal Bank Of Canada were worth $8,224,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Royal Bank Of Canada during the second quarter worth approximately $2,599,262,000. Fisher Asset Management LLC lifted its holdings in Royal Bank Of Canada by 1,218.0% during the 2nd quarter. Fisher Asset Management LLC now owns 5,723,581 shares of the financial services provider’s stock worth $752,937,000 after buying an additional 5,289,330 shares in the last quarter. Picton Mahoney Asset Management bought a new position in Royal Bank Of Canada in the 2nd quarter valued at $329,983,000. Vanguard Group Inc. increased its stake in shares of Royal Bank Of Canada by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 65,008,684 shares of the financial services provider’s stock valued at $8,567,752,000 after buying an additional 2,437,164 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Royal Bank Of Canada by 20.2% in the 2nd quarter. Geode Capital Management LLC now owns 11,374,800 shares of the financial services provider’s stock valued at $1,517,123,000 after buying an additional 1,910,492 shares during the period. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank Of Canada Stock Up 0.9%

Shares of NYSE RY opened at $170.32 on Friday. Royal Bank Of Canada has a 52-week low of $106.10 and a 52-week high of $174.61. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $238.03 billion, a P/E ratio of 16.98, a P/E/G ratio of 1.20 and a beta of 0.79. The firm has a 50 day moving average price of $167.64 and a 200 day moving average price of $151.65.

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 for the quarter, topping analysts’ consensus estimates of $2.51 by $0.25. Royal Bank Of Canada had a net margin of 14.83% and a return on equity of 16.83%. The company had revenue of $12.27 billion for the quarter, compared to analysts’ expectations of $12.12 billion. During the same period last year, the firm posted $3.07 earnings per share. The business’s quarterly revenue was up 14.2% compared to the same quarter last year. Analysts expect that Royal Bank Of Canada will post 9.16 EPS for the current year.

Royal Bank Of Canada Increases Dividend

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on RY. Weiss Ratings reiterated a “buy (b)” rating on shares of Royal Bank Of Canada in a report on Thursday, January 22nd. TD Cowen upgraded shares of Royal Bank Of Canada from a “hold” rating to a “buy” rating in a research report on Thursday, December 4th. Raymond James Financial began coverage on shares of Royal Bank Of Canada in a research note on Monday, November 24th. They issued a “moderate buy” rating on the stock. UBS Group reiterated a “buy” rating on shares of Royal Bank Of Canada in a research report on Tuesday, November 25th. Finally, National Bankshares restated an “outperform” rating on shares of Royal Bank Of Canada in a report on Thursday, December 4th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.00.

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.