1ST Source Bank Takes Position in Royal Bank of Canada (NYSE:RY)

1ST Source Bank bought a new stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) during the 3rd quarter, according to its most recent filing with the SEC. The fund bought 1,717 shares of the financial services provider’s stock, valued at approximately $214,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RY. National Bank of Canada FI lifted its holdings in shares of Royal Bank of Canada by 16.7% during the second quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after acquiring an additional 2,901,033 shares during the period. FMR LLC grew its position in Royal Bank of Canada by 75.8% during the 3rd quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock worth $2,229,834,000 after acquiring an additional 7,702,585 shares during the last quarter. CIBC Asset Management Inc increased its holdings in Royal Bank of Canada by 0.9% during the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock valued at $1,706,833,000 after purchasing an additional 124,348 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Royal Bank of Canada by 2.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,127,506 shares of the financial services provider’s stock valued at $1,289,274,000 after purchasing an additional 256,023 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in Royal Bank of Canada by 1.8% in the second quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock worth $1,118,150,000 after purchasing an additional 190,341 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on RY shares. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. TD Securities cut shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, BMO Capital Markets reduced their target price on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $156.50.

Royal Bank of Canada Trading Down 0.1 %

RY opened at $124.52 on Friday. The firm has a 50 day simple moving average of $124.06 and a 200 day simple moving average of $116.73. Royal Bank of Canada has a fifty-two week low of $93.97 and a fifty-two week high of $128.05. The company has a market cap of $176.03 billion, a price-to-earnings ratio of 15.08, a price-to-earnings-growth ratio of 1.88 and a beta of 0.86. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86.

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, January 27th will be paid a $1.0522 dividend. The ex-dividend date of this dividend is Monday, January 27th. This represents a $4.21 dividend on an annualized basis and a dividend yield of 3.38%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.03. Royal Bank of Canada’s dividend payout ratio is 52.91%.

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.