Burkett Asset Management Ltd Makes New $7.27 Million Investment in Royal Bank Of Canada $RY

Burkett Asset Management Ltd bought a new position in Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 42,556 shares of the financial services provider’s stock, valued at approximately $7,265,000. Royal Bank Of Canada comprises about 7.3% of Burkett Asset Management Ltd’s holdings, making the stock its 2nd biggest position.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd purchased a new stake in shares of Royal Bank Of Canada during the 4th quarter valued at about $25,000. Tradewinds Capital Management LLC purchased a new stake in shares of Royal Bank Of Canada during the 4th quarter valued at about $26,000. Johnson Financial Group Inc. purchased a new stake in shares of Royal Bank Of Canada during the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC increased its position in shares of Royal Bank Of Canada by 75.4% during the 4th quarter. Highline Wealth Partners LLC now owns 207 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 89 shares during the last quarter. Finally, Cornerstone Planning Group LLC increased its position in shares of Royal Bank Of Canada by 55.3% during the 4th quarter. Cornerstone Planning Group LLC now owns 247 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank Of Canada Trading Up 0.8%

RY stock opened at $199.16 on Friday. Royal Bank Of Canada has a 1-year low of $126.02 and a 1-year high of $200.05. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $276.79 billion, a price-to-earnings ratio of 17.89, a PEG ratio of 1.56 and a beta of 0.81. The business has a 50 day simple moving average of $181.40 and a two-hundred day simple moving average of $171.56.

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

Royal Bank Of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be paid a $1.76 dividend. This represents a $7.04 annualized dividend and a yield of 3.5%. 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. Royal Bank Of Canada’s dividend payout ratio is currently 42.41%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RY shares. Barclays reaffirmed an “overweight” rating on shares of Royal Bank Of Canada in a research report on Thursday, February 19th. Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Raymond James Financial lowered shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Finally, Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research report on Thursday. Ten analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $225.00.

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.