Elevation Point Wealth Partners LLC Makes New Investment in Royal Bank Of Canada $RY

Elevation Point Wealth Partners LLC acquired a new position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 4,605 shares of the financial services provider’s stock, valued at approximately $745,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in Royal Bank Of Canada by 33.1% in the 4th quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider’s stock worth $279,000 after purchasing an additional 575 shares during the period. AQR Capital Management LLC increased its holdings in shares of Royal Bank Of Canada by 60.9% in the first quarter. AQR Capital Management LLC now owns 11,779 shares of the financial services provider’s stock worth $1,321,000 after buying an additional 4,460 shares during the period. Sivia Capital Partners LLC increased its holdings in shares of Royal Bank Of Canada by 57.7% in the second quarter. Sivia Capital Partners LLC now owns 5,284 shares of the financial services provider’s stock worth $695,000 after buying an additional 1,934 shares during the period. Baird Financial Group Inc. lifted its stake in shares of Royal Bank Of Canada by 39.1% in the 2nd quarter. Baird Financial Group Inc. now owns 13,555 shares of the financial services provider’s stock valued at $1,783,000 after acquiring an additional 3,811 shares during the last quarter. Finally, Cerity Partners LLC lifted its stake in shares of Royal Bank Of Canada by 9.0% in the 2nd quarter. Cerity Partners LLC now owns 47,721 shares of the financial services provider’s stock valued at $6,279,000 after acquiring an additional 3,928 shares during the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank Of Canada Price Performance

RY opened at $209.19 on Wednesday. The stock has a 50-day moving average price of $192.78 and a 200-day moving average price of $177.13. 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 firm has a market cap of $290.72 billion, a PE ratio of 18.80, a P/E/G ratio of 1.65 and a beta of 0.80. Royal Bank Of Canada has a 1 year low of $127.38 and a 1 year high of $209.64.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted 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 business had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.12 EPS. Sell-side analysts predict that Royal Bank Of Canada will post 11.45 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on RY shares. Weiss Ratings cut shares of Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Monday, June 29th. Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Argus set a $225.00 target price on Royal Bank Of Canada in a research note on Thursday, June 11th. Finally, Raymond James Financial downgraded Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Ten investment 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 currently has an average rating of “Moderate Buy” and an average target price 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.