DAVENPORT & Co LLC Sells 744 Shares of Royal Bank of Canada (NYSE:RY)

Posted by Defense World Staff on Apr 2nd, 2023

DAVENPORT & Co LLC reduced its position in shares of Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) by 4.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,337 shares of the financial services provider’s stock after selling 744 shares during the quarter. DAVENPORT & Co LLC’s holdings in Royal Bank of Canada were worth $1,630,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Financial Management Professionals Inc. increased its stake in shares of Royal Bank of Canada by 64.9% in the 3rd quarter. Financial Management Professionals Inc. now owns 343 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 135 shares during the last quarter. Private Trust Co. NA bought a new stake in shares of Royal Bank of Canada in the 2nd quarter valued at about $49,000. Hexagon Capital Partners LLC increased its stake in shares of Royal Bank of Canada by 123.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 553 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 306 shares during the last quarter. Romano Brothers AND Company acquired a new position in shares of Royal Bank of Canada in the 4th quarter valued at approximately $59,000. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of Royal Bank of Canada in the 3rd quarter valued at approximately $67,000. 41.19% of the stock is owned by institutional investors.

Royal Bank of Canada Stock Up 0.7 %

RY opened at $95.58 on Friday. Royal Bank of Canada has a 1-year low of $83.63 and a 1-year high of $113.67. The stock’s fifty day simple moving average is $99.37 and its 200 day simple moving average is $96.46. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.11. The stock has a market cap of $132.91 billion, a PE ratio of 11.87, a price-to-earnings-growth ratio of 1.66 and a beta of 0.84.

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last posted its quarterly earnings results on Wednesday, March 1st. The financial services provider reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.17 by $0.09. Royal Bank of Canada had a return on equity of 16.17% and a net margin of 18.77%. The business had revenue of $11.21 billion for the quarter, compared to analysts’ expectations of $9.67 billion. As a group, research analysts expect that Royal Bank of Canada will post 8.65 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 24th. Shareholders of record on Tuesday, April 25th will be given a dividend of $0.992 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.98. The ex-dividend date is Monday, April 24th. This represents a $3.97 annualized dividend and a yield of 4.15%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 48.32%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RY shares. Bank of America upgraded Royal Bank of Canada from an “underperform” rating to a “neutral” rating in a research report on Monday, December 12th. Desjardins upped their price target on Royal Bank of Canada from C$145.00 to C$147.00 in a research report on Tuesday, February 7th. Finally, StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Friday, March 24th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Royal Bank of Canada currently has a consensus rating of “Moderate Buy” and an average price target of $139.50.

About Royal Bank of Canada

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Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.