LPL Financial LLC boosted its holdings in Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) by 8.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 82,960 shares of the financial services provider’s stock after acquiring an additional 6,766 shares during the quarter. LPL Financial LLC’s holdings in Royal Bank of Canada were worth $7,923,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Syverson Strege & Co purchased a new position in Royal Bank of Canada in the 1st quarter worth about $28,000. Money Concepts Capital Corp purchased a new position in Royal Bank of Canada in the 4th quarter worth about $38,000. AdvisorNet Financial Inc increased its stake in Royal Bank of Canada by 40.1% in the 2nd quarter. AdvisorNet Financial Inc now owns 507 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 145 shares in the last quarter. WASHINGTON TRUST Co purchased a new position in Royal Bank of Canada in the 2nd quarter worth about $55,000. Finally, Western Pacific Wealth Management LP increased its stake in Royal Bank of Canada by 1,772.7% in the 1st quarter. Western Pacific Wealth Management LP now owns 618 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 585 shares in the last quarter. 42.02% of the stock is currently owned by institutional investors.
Royal Bank of Canada Stock Up 0.3 %
Shares of Royal Bank of Canada stock opened at $79.88 on Wednesday. The firm has a market cap of $112.02 billion, a price-to-earnings ratio of 10.36, a P/E/G ratio of 1.57 and a beta of 0.84. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.90 and a quick ratio of 0.90. Royal Bank of Canada has a 52-week low of $77.90 and a 52-week high of $104.72. The stock has a 50-day simple moving average of $86.46 and a 200-day simple moving average of $92.16.
Royal Bank of Canada Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Thursday, October 26th will be issued a $1.019 dividend. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.00. This represents a $4.08 annualized dividend and a yield of 5.10%. The ex-dividend date of this dividend is Wednesday, October 25th. Royal Bank of Canada’s payout ratio is 51.62%.
Wall Street Analyst Weigh In
RY has been the topic of several research analyst reports. Barclays lifted their target price on Royal Bank of Canada from $122.00 to $124.00 and gave the company an “underweight” rating in a research note on Monday, August 21st. Credit Suisse Group lifted their target price on Royal Bank of Canada from $138.00 to $139.00 and gave the company an “outperform” rating in a research note on Friday, August 25th. Finally, StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Royal Bank of Canada currently has a consensus rating of “Hold” and an average target price of $138.60.
View Our Latest Stock Report on RY
Royal Bank of Canada Company Profile
Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.
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