GQG Partners LLC Acquires 663,627 Shares of Royal Bank of Canada (NYSE:RY)

GQG Partners LLC increased its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 15.7% during the 2nd quarter, HoldingsChannel reports. The firm owned 4,900,578 shares of the financial services provider’s stock after buying an additional 663,627 shares during the period. Royal Bank of Canada accounts for approximately 1.5% of GQG Partners LLC’s portfolio, making the stock its 26th largest position. GQG Partners LLC’s holdings in Royal Bank of Canada were worth $496,973,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in RY. BlackRock Inc. increased its position in Royal Bank of Canada by 7,534.7% in the first quarter. BlackRock Inc. now owns 738,042 shares of the financial services provider’s stock worth $68,054,000 after purchasing an additional 728,375 shares during the last quarter. Brinker Capital Investments LLC bought a new stake in Royal Bank of Canada in the first quarter worth $350,000. Y Intercept Hong Kong Ltd increased its position in Royal Bank of Canada by 89.8% in the first quarter. Y Intercept Hong Kong Ltd now owns 6,396 shares of the financial services provider’s stock worth $593,000 after purchasing an additional 3,027 shares during the last quarter. Geode Capital Management LLC increased its position in Royal Bank of Canada by 8.8% in the first quarter. Geode Capital Management LLC now owns 2,885,836 shares of the financial services provider’s stock worth $265,201,000 after purchasing an additional 232,636 shares during the last quarter. Finally, Northern Trust Corp increased its position in Royal Bank of Canada by 1.3% in the first quarter. Northern Trust Corp now owns 1,317,415 shares of the financial services provider’s stock worth $121,478,000 after purchasing an additional 16,960 shares during the last quarter. Institutional investors own 40.73% of the company’s stock.

RY has been the topic of several research reports. Credit Suisse Group boosted their price target on shares of Royal Bank of Canada from C$135.00 to C$140.00 and gave the stock an “outperform” rating in a research report on Thursday, August 26th. Barclays lifted their price objective on shares of Royal Bank of Canada from $137.00 to $142.00 and gave the stock an “overweight” rating in a research note on Friday, August 13th. Scotiabank lifted their price objective on shares of Royal Bank of Canada from C$144.00 to C$148.00 in a research note on Tuesday, August 17th. Fundamental Research lifted their price objective on shares of Royal Bank of Canada from $127.27 to $143.76 and gave the stock a “buy” rating in a research note on Wednesday, September 1st. Finally, Zacks Investment Research raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Saturday, August 28th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $133.98.

Shares of RY traded up $1.36 during trading hours on Thursday, reaching $104.68. 28,501 shares of the company traded hands, compared to its average volume of 1,125,076. The firm has a market cap of $149.17 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 1.06 and a beta of 0.98. Royal Bank of Canada has a 12-month low of $67.78 and a 12-month high of $106.40. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average price is $102.32 and its 200 day moving average price is $100.43.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Tuesday, August 24th. The financial services provider reported $3.00 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.16 by $0.84. The firm had revenue of $10.38 billion during the quarter, compared to analyst estimates of $11.86 billion. Royal Bank of Canada had a net margin of 27.06% and a return on equity of 18.54%. During the same period in the previous year, the firm earned $2.20 earnings per share. On average, research analysts forecast that Royal Bank of Canada will post 8.86 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 24th. Stockholders of record on Tuesday, October 26th will be paid a dividend of $0.858 per share. This represents a $3.43 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date of this dividend is Monday, October 25th. Royal Bank of Canada’s dividend payout ratio is currently 58.68%.

Royal Bank of Canada Company Profile

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.

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Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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