Kayne Anderson Rudnick Investment Management LLC Cuts Stock Holdings in Royal Bank of Canada (NYSE:RY)

Kayne Anderson Rudnick Investment Management LLC lessened its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,031 shares of the financial services provider’s stock after selling 684 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Royal Bank of Canada were worth $3,833,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in RY. TD Asset Management Inc lifted its holdings in Royal Bank of Canada by 21.7% in 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. Capital World Investors acquired a new position in Royal Bank of Canada during the fourth quarter worth about $365,246,000. National Bank of Canada FI grew its stake in Royal Bank of Canada by 16.7% during the 2nd 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 in the last quarter. Vanguard Group Inc. lifted its stake in Royal Bank of Canada by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 54,730,646 shares of the financial services provider’s stock worth $5,534,910,000 after purchasing an additional 1,603,427 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in shares of Royal Bank of Canada by 40.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,039,171 shares of the financial services provider’s stock worth $508,739,000 after purchasing an additional 1,452,127 shares during the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Trading Down 0.9 %

Shares of NYSE RY opened at $121.92 on Monday. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $172.53 billion, a PE ratio of 15.13, a PEG ratio of 2.00 and a beta of 0.86. Royal Bank of Canada has a twelve month low of $77.90 and a twelve month high of $124.46. The stock has a fifty day simple moving average of $114.85 and a 200-day simple moving average of $107.19.

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 for the quarter, beating the consensus estimate 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 company had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $10.40 billion. On average, equities analysts forecast that Royal Bank of Canada will post 8.97 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a $1.028 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a yield of 3.37%. Royal Bank of Canada’s dividend payout ratio is presently 51.49%.

Wall Street Analysts Forecast Growth

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