Alberta Investment Management Corp Buys 99,000 Shares of Royal Bank Of Canada $RY

Alberta Investment Management Corp raised its stake in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 5.5% in the 4th quarter, Holdings Channel reports. The fund owned 1,901,887 shares of the financial services provider’s stock after acquiring an additional 99,000 shares during the quarter. Royal Bank Of Canada accounts for approximately 1.7% of Alberta Investment Management Corp’s portfolio, making the stock its 5th biggest position. Alberta Investment Management Corp’s holdings in Royal Bank Of Canada were worth $324,237,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in RY. Harvest Fund Management Co. Ltd purchased a new stake in shares of Royal Bank Of Canada during the fourth quarter worth approximately $25,000. Tradewinds Capital Management LLC acquired a new stake in shares of Royal Bank Of Canada during the fourth quarter worth $26,000. Johnson Financial Group Inc. purchased a new position in Royal Bank Of Canada in the 3rd quarter valued at $27,000. Highline Wealth Partners LLC grew its position in Royal Bank Of Canada by 75.4% in the 4th quarter. Highline Wealth Partners LLC now owns 207 shares of the financial services provider’s stock valued at $35,000 after buying an additional 89 shares during the last quarter. Finally, Cornerstone Planning Group LLC increased its stake in Royal Bank Of Canada by 55.3% in the 4th quarter. Cornerstone Planning Group LLC now owns 247 shares of the financial services provider’s stock valued at $41,000 after buying an additional 88 shares during the period. 45.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Barclays restated an “overweight” rating on shares of Royal Bank Of Canada in a research report on Thursday, February 19th. Raymond James Financial cut Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Weiss Ratings upgraded Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Monday. Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Finally, TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Royal Bank Of Canada has a consensus rating of “Moderate Buy” and a consensus target price of $225.00.

Royal Bank Of Canada Stock Performance

NYSE:RY opened at $201.66 on Friday. The firm has a 50-day moving average price of $185.04 and a two-hundred day moving average price of $173.24. The company has a market capitalization of $280.25 billion, a P/E ratio of 18.12, a price-to-earnings-growth ratio of 1.58 and a beta of 0.81. Royal Bank Of Canada has a twelve month low of $126.02 and a twelve month high of $202.90. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.09.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.03. The business had revenue of $12.84 billion during the quarter, compared to analysts’ expectations of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.83%. The company’s revenue was up 11.4% on a year-over-year basis. During the same period last year, the company posted $3.12 EPS. As a group, research analysts expect that Royal Bank Of Canada will post 11.52 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be given a $1.76 dividend. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Monday, July 27th. Royal Bank Of Canada’s dividend payout ratio (DPR) is currently 42.41%.

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.