Legacy Financial Advisors Inc. Boosts Stock Holdings in Royal Bank of Canada (NYSE:RY)

Legacy Financial Advisors Inc. grew its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 15.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,803 shares of the financial services provider’s stock after purchasing an additional 508 shares during the period. Legacy Financial Advisors Inc.’s holdings in Royal Bank of Canada were worth $405,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Ridgewood Investments LLC bought a new stake in Royal Bank of Canada during the 2nd quarter valued at $27,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Royal Bank of Canada during the 2nd quarter valued at $33,000. Mather Group LLC. purchased a new stake in Royal Bank of Canada during the 1st quarter worth about $49,000. Nisa Investment Advisors LLC boosted its stake in Royal Bank of Canada by 293.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 379 shares during the period. Finally, Heritage Wealth Advisors bought a new position in Royal Bank of Canada in the 4th quarter worth about $61,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank of Canada Trading Down 0.9 %

Shares of RY opened at $121.92 on Friday. 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 capitalization of $172.53 billion, a P/E ratio of 15.13, a P/E/G ratio of 2.00 and a beta of 0.86. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The firm’s 50 day simple moving average is $114.85 and its 200 day simple moving average is $107.13.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data 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 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 analysts’ expectations of $10.40 billion. Sell-side analysts forecast that Royal Bank of Canada will post 8.97 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The company 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 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 yield of 3.37%. Royal Bank of Canada’s payout ratio is 51.49%.

Analysts Set New Price Targets

RY has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. UBS Group started coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a “buy” rating for the company. BMO Capital Markets boosted their price target on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Finally, Argus increased their price objective on 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target 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.