1,772 Shares in Royal Bank of Canada (NYSE:RY) Purchased by Sunpointe LLC

Sunpointe LLC acquired a new position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,772 shares of the financial services provider’s stock, valued at approximately $221,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mount Yale Investment Advisors LLC increased its position in shares of Royal Bank of Canada by 1.6% in the 2nd quarter. Mount Yale Investment Advisors LLC now owns 5,823 shares of the financial services provider’s stock valued at $619,000 after purchasing an additional 92 shares during the last quarter. Shell Asset Management Co. increased its holdings in Royal Bank of Canada by 3.8% in the first quarter. Shell Asset Management Co. now owns 2,711 shares of the financial services provider’s stock valued at $274,000 after buying an additional 100 shares during the last quarter. HB Wealth Management LLC raised its stake in Royal Bank of Canada by 1.9% in the second quarter. HB Wealth Management LLC now owns 5,287 shares of the financial services provider’s stock valued at $562,000 after buying an additional 100 shares in the last quarter. Muirfield Wealth Advisors LLC lifted its holdings in Royal Bank of Canada by 0.6% during the 2nd quarter. Muirfield Wealth Advisors LLC now owns 16,437 shares of the financial services provider’s stock worth $1,749,000 after buying an additional 101 shares during the last quarter. Finally, Sollinda Capital Management LLC boosted its position in shares of Royal Bank of Canada by 2.8% during the 2nd quarter. Sollinda Capital Management LLC now owns 3,674 shares of the financial services provider’s stock worth $391,000 after acquiring an additional 101 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Performance

RY stock traded up $1.08 during trading on Wednesday, hitting $125.49. The company had a trading volume of 23,881 shares, compared to its average volume of 1,044,105. The firm has a 50-day moving average price of $119.27 and a 200-day moving average price of $109.97. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. The firm has a market cap of $177.58 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 1.99 and a beta of 0.86. Royal Bank of Canada has a 1-year low of $77.90 and a 1-year high of $125.51.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. The business had revenue of $10.68 billion for the quarter, compared to analyst estimates of $10.40 billion. On average, analysts expect that Royal Bank of Canada will post 8.91 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be paid a $1.028 dividend. This represents a $4.11 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 51.99%.

Analysts Set New Price Targets

Several equities analysts have commented on RY shares. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. UBS Group assumed coverage on shares of Royal Bank of Canada in a research report on Tuesday, July 2nd. They issued a “buy” rating on the stock. Finally, BMO Capital Markets upped their target price on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.50.

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.