PCJ Investment Counsel Ltd. reduced its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 8.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,428,191 shares of the financial services provider’s stock after selling 140,185 shares during the period. Royal Bank of Canada accounts for approximately 8.8% of PCJ Investment Counsel Ltd.’s holdings, making the stock its largest holding. PCJ Investment Counsel Ltd.’s holdings in Royal Bank of Canada were worth $107,781,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of RY. Norges Bank bought a new position in shares of Royal Bank of Canada in the 4th quarter worth $1,021,258,000. Mackenzie Financial Corp boosted its position in shares of Royal Bank of Canada by 21.7% in the 4th quarter. Mackenzie Financial Corp now owns 21,668,991 shares of the financial services provider’s stock worth $1,484,759,000 after purchasing an additional 3,865,530 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in Royal Bank of Canada during the 1st quarter worth $332,201,000. Toronto Dominion Bank raised its stake in Royal Bank of Canada by 10.4% during the 1st quarter. Toronto Dominion Bank now owns 19,629,673 shares of the financial services provider’s stock worth $1,481,311,000 after buying an additional 1,853,129 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Royal Bank of Canada by 151.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,553,655 shares of the financial services provider’s stock worth $204,776,000 after buying an additional 1,538,669 shares during the period. Institutional investors and hedge funds own 42.23% of the company’s stock.
Several brokerages recently commented on RY. Zacks Investment Research raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Wednesday. Barclays reaffirmed a “sell” rating on shares of Royal Bank of Canada in a research note on Friday, May 17th. Desjardins reaffirmed a “buy” rating and set a $111.00 price objective on shares of Royal Bank of Canada in a research note on Thursday, May 16th. Canaccord Genuity reaffirmed a “hold” rating on shares of Royal Bank of Canada in a research note on Friday, February 22nd. Finally, Scotiabank reaffirmed an “average” rating and set a $111.00 price objective on shares of Royal Bank of Canada in a research note on Friday, February 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $99.25.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Friday, February 22nd. The financial services provider reported $1.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.66 by ($0.01). The business had revenue of $8.70 billion for the quarter, compared to analyst estimates of $8.31 billion. Royal Bank of Canada had a return on equity of 17.52% and a net margin of 20.85%. During the same period in the previous year, the business posted $2.01 EPS. On average, analysts expect that Royal Bank of Canada will post 6.69 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Thursday, April 25th will be paid a $0.7704 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $3.08 annualized dividend and a dividend yield of 3.93%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 46.86%.
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Royal Bank of Canada Profile
Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.
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