Federated Hermes Inc. Has $7.58 Million Stock Position in Royal Bank of Canada (NYSE:RY)

Federated Hermes Inc. lowered its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 8.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,220 shares of the financial services provider’s stock after selling 6,910 shares during the quarter. Federated Hermes Inc.’s holdings in Royal Bank of Canada were worth $7,576,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Shell Asset Management Co. grew its holdings in Royal Bank of Canada by 3.8% during the 1st quarter. Shell Asset Management Co. now owns 2,711 shares of the financial services provider’s stock worth $274,000 after acquiring an additional 100 shares during the last quarter. HB Wealth Management LLC grew its holdings in Royal Bank of Canada by 1.9% during the 2nd quarter. HB Wealth Management LLC now owns 5,287 shares of the financial services provider’s stock worth $562,000 after acquiring an additional 100 shares during the last quarter. Muirfield Wealth Advisors LLC grew its holdings in Royal Bank of Canada by 0.6% during the 2nd quarter. Muirfield Wealth Advisors LLC now owns 16,437 shares of the financial services provider’s stock worth $1,749,000 after acquiring an additional 101 shares during the last quarter. Sollinda Capital Management LLC grew its holdings in Royal Bank of Canada by 2.8% during the 2nd quarter. Sollinda Capital Management LLC now owns 3,674 shares of the financial services provider’s stock worth $391,000 after acquiring an additional 101 shares during the last quarter. Finally, Certuity LLC grew its holdings in Royal Bank of Canada by 5.1% during the 2nd quarter. Certuity LLC now owns 2,177 shares of the financial services provider’s stock worth $232,000 after acquiring an additional 106 shares during the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. 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. UBS Group assumed coverage on shares of Royal Bank of Canada in a research note on Tuesday, July 2nd. They issued a “buy” rating on the stock. Finally, BMO Capital Markets raised 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. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Stock Performance

Shares of NYSE:RY opened at $122.88 on Wednesday. The company has a market capitalization of $173.88 billion, a price-to-earnings ratio of 15.25, a P/E/G ratio of 2.01 and a beta of 0.86. The firm’s 50 day simple moving average is $114.15 and its 200 day simple moving average is $106.67. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $124.46.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be given 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 3.35%. Royal Bank of Canada’s dividend payout ratio is 51.49%.

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.