Bank of Nova Scotia Reduces Stake in Royal Bank Of Canada $RY

Bank of Nova Scotia decreased its position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 16.2% during the first quarter, HoldingsChannel reports. The institutional investor owned 12,761,696 shares of the financial services provider’s stock after selling 2,471,836 shares during the period. Royal Bank Of Canada comprises 3.4% of Bank of Nova Scotia’s investment portfolio, making the stock its 5th largest position. Bank of Nova Scotia’s holdings in Royal Bank Of Canada were worth $2,062,600,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Dickmeyer Boyce Financial Management Inc. bought a new stake in shares of Royal Bank Of Canada in the 1st quarter worth $202,000. Gibbs Wealth Management lifted its holdings in shares of Royal Bank Of Canada by 29.7% during the first quarter. Gibbs Wealth Management now owns 15,174 shares of the financial services provider’s stock valued at $2,455,000 after purchasing an additional 3,472 shares in the last quarter. Sei Investments Co. lifted its holdings in shares of Royal Bank Of Canada by 41.1% during the first quarter. Sei Investments Co. now owns 3,090 shares of the financial services provider’s stock valued at $500,000 after purchasing an additional 900 shares in the last quarter. State of Wyoming bought a new position in shares of Royal Bank Of Canada during the first quarter valued at $1,797,000. Finally, Cetera Investment Advisers raised its position in Royal Bank Of Canada by 11.6% in the 1st quarter. Cetera Investment Advisers now owns 77,412 shares of the financial services provider’s stock worth $12,524,000 after buying an additional 8,032 shares during the last quarter. Institutional investors own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

RY has been the topic of a number of recent analyst reports. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a report on Thursday, June 11th. Weiss Ratings cut shares of Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a report on Monday, June 29th. Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Finally, Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $225.00.

Royal Bank Of Canada Trading Down 1.4%

Shares of RY stock opened at $208.40 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market cap of $288.97 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 1.67 and a beta of 0.80. Royal Bank Of Canada has a 1 year low of $127.38 and a 1 year high of $218.57. The firm has a fifty day moving average price of $200.41 and a 200-day moving average price of $180.62.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.81 by $0.03. The company had revenue of $12.84 billion for the quarter, compared to analysts’ expectations of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.Royal Bank Of Canada’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same period last year, the firm earned $3.12 EPS. As a group, equities analysts predict that Royal Bank Of Canada will post 11.45 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be given a $1.76 dividend. The ex-dividend date is Monday, July 27th. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a yield of 3.4%. Royal Bank Of Canada’s dividend payout ratio (DPR) is currently 42.41%.

Royal Bank Of Canada Profile

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.