Alberta Investment Management Corp Makes New Investment in Royal Bank Of Canada $RY

Alberta Investment Management Corp purchased a new position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,901,887 shares of the financial services provider’s stock, valued at approximately $324,237,000. Royal Bank Of Canada comprises approximately 1.0% of Alberta Investment Management Corp’s investment portfolio, making the stock its 23rd largest holding. Alberta Investment Management Corp owned about 0.14% of Royal Bank Of Canada at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Harvest Fund Management Co. Ltd purchased a new position in shares of Royal Bank Of Canada in the fourth quarter worth about $25,000. Tradewinds Capital Management LLC purchased a new position in Royal Bank Of Canada during the 4th quarter valued at about $26,000. Johnson Financial Group Inc. purchased a new position in Royal Bank Of Canada during the 3rd quarter valued at about $27,000. Highline Wealth Partners LLC increased its holdings in 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 period. Finally, Cornerstone Planning Group LLC increased its holdings in 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 period. Institutional investors own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a report on Friday, May 29th. Raymond James Financial downgraded 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 (b+)” rating in a report on Monday, June 1st. Argus set a $225.00 price target on Royal Bank Of Canada in a report on Thursday. Finally, Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Ten research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $225.00.

Royal Bank Of Canada Stock Performance

Shares of RY opened at $198.93 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average price is $182.83 and its 200-day moving average price is $172.24. Royal Bank Of Canada has a 52 week low of $126.02 and a 52 week high of $201.74. The stock has a market cap of $276.46 billion, a P/E ratio of 17.87, a P/E/G ratio of 1.57 and a beta of 0.81.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its quarterly 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. Royal Bank Of Canada had a return on equity of 17.83% and a net margin of 15.92%.The firm had revenue of $12.84 billion for the quarter, compared to analysts’ expectations of $12.74 billion. During the same period in the previous year, the firm posted $3.12 EPS. The business’s revenue for the quarter was up 11.4% compared to the same quarter last year. Equities research analysts anticipate that Royal Bank Of Canada will post 11.52 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be given a $1.76 dividend. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. This represents a $7.04 annualized dividend and a yield of 3.5%. Royal Bank Of Canada’s payout ratio 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.