Truist Financial Corp Reduces Stock Position in Royal Bank of Canada (NYSE:RY)

Truist Financial Corp cut its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 11.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 101,825 shares of the financial services provider’s stock after selling 13,528 shares during the period. Truist Financial Corp’s holdings in Royal Bank of Canada were worth $10,832,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Ridgewood Investments LLC bought a new stake in Royal Bank of Canada in the second quarter worth $27,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Royal Bank of Canada in the 2nd quarter worth about $33,000. Mather Group LLC. purchased a new position in shares of Royal Bank of Canada during the 1st quarter worth about $49,000. Nisa Investment Advisors LLC grew its holdings in Royal Bank of Canada by 293.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 379 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Royal Bank of Canada in the 1st quarter worth about $86,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the company. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. UBS Group began coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating for the company. Finally, BMO Capital Markets upped their target price on shares of 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. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada presently has an average rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Trading Up 0.8 %

NYSE RY opened at $122.42 on Friday. The firm has a market cap of $173.23 billion, a PE ratio of 15.19, 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 $125.28. 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 company has a 50 day moving average price of $117.35 and a 200 day moving average price of $108.80.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $10.40 billion. As a group, sell-side analysts forecast that Royal Bank of Canada will post 8.97 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed 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. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 51.99%.

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.