BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $446.05 Million Stake in Royal Bank of Canada (NYSE:RY)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp trimmed its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 17.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,189,100 shares of the financial services provider’s stock after selling 855,305 shares during the period. Royal Bank of Canada comprises 2.7% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings, making the stock its 6th biggest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.30% of Royal Bank of Canada worth $446,050,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Tremblant Capital Group boosted its stake in shares of Royal Bank of Canada by 48.4% during the second quarter. Tremblant Capital Group now owns 19,926 shares of the financial services provider’s stock valued at $2,121,000 after purchasing an additional 6,497 shares during the period. Evergreen Capital Management LLC increased its holdings in Royal Bank of Canada by 2.1% during the second quarter. Evergreen Capital Management LLC now owns 8,981 shares of the financial services provider’s stock valued at $955,000 after buying an additional 188 shares during the period. DRW Securities LLC bought a new position in Royal Bank of Canada in the second quarter worth approximately $513,000. EverSource Wealth Advisors LLC lifted its holdings in Royal Bank of Canada by 23.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,341 shares of the financial services provider’s stock worth $150,000 after buying an additional 253 shares during the period. Finally, Mount Yale Investment Advisors LLC boosted its position in Royal Bank of Canada by 1.6% during 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 acquiring an additional 92 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RY. BMO Capital Markets upped their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. 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. Argus raised their target price on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Finally, StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Trading Up 1.0 %

Royal Bank of Canada stock opened at $123.16 on Tuesday. The stock has a 50-day moving average price of $115.10 and a 200 day moving average price of $107.36. The company has a market capitalization of $174.28 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86. Royal Bank of Canada has a 52 week low of $77.90 and a 52 week high of $124.46. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The firm had revenue of $10.68 billion for the quarter, compared to analyst estimates of $10.40 billion. Sell-side analysts anticipate that Royal Bank of Canada will post 8.97 EPS for the current year.

Royal Bank of Canada Cuts Dividend

The business 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. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.34%. Royal Bank of Canada’s payout ratio is 52.11%.

About Royal Bank of Canada

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.