Royal Bank of Canada (NYSE:RY) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. increased its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 30.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 325,463 shares of the financial services provider’s stock after purchasing an additional 75,366 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Royal Bank of Canada were worth $34,623,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Royal Bank of Canada by 1.8% in the first quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock valued at $5,618,566,000 after acquiring an additional 964,898 shares in the last quarter. TD Asset Management Inc boosted its stake in Royal Bank of Canada by 21.7% during the 4th quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock valued at $3,310,010,000 after purchasing an additional 5,810,077 shares in the last quarter. Bank of Nova Scotia increased its position in shares of Royal Bank of Canada by 5.1% during the 4th quarter. Bank of Nova Scotia now owns 28,024,917 shares of the financial services provider’s stock valued at $2,834,219,000 after purchasing an additional 1,357,956 shares during the period. National Bank of Canada FI raised its stake in shares of Royal Bank of Canada by 16.7% in the 2nd quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock worth $2,141,681,000 after buying an additional 2,901,033 shares in the last quarter. Finally, FIL Ltd raised its stake in shares of Royal Bank of Canada by 1.8% in the 4th quarter. FIL Ltd now owns 18,790,164 shares of the financial services provider’s stock worth $1,900,217,000 after buying an additional 333,333 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

NYSE RY opened at $121.84 on Friday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $124.46. The company has a market cap of $172.41 billion, a PE ratio of 15.12, a PEG ratio of 2.00 and a beta of 0.86. The stock’s 50-day moving average price is $114.85 and its two-hundred day moving average price is $107.07.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.37%. Royal Bank of Canada’s dividend payout ratio is currently 51.49%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RY shares. UBS Group initiated coverage on Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating on the stock. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. BMO Capital Markets increased their target price on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, Argus lifted their price target on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada 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.