Tremblant Capital Group Acquires 6,497 Shares of Royal Bank of Canada (NYSE:RY)

Tremblant Capital Group boosted its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 48.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,926 shares of the financial services provider’s stock after purchasing an additional 6,497 shares during the period. Tremblant Capital Group’s holdings in Royal Bank of Canada were worth $2,121,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RY. Evergreen Capital Management LLC raised its stake in shares of Royal Bank of Canada by 2.1% in the second quarter. Evergreen Capital Management LLC now owns 8,981 shares of the financial services provider’s stock valued at $955,000 after acquiring an additional 188 shares during the last quarter. DRW Securities LLC bought a new position in shares of Royal Bank of Canada in the second quarter valued at approximately $513,000. EverSource Wealth Advisors LLC raised its stake in shares of Royal Bank of Canada by 23.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,341 shares of the financial services provider’s stock valued at $150,000 after acquiring an additional 253 shares during the last quarter. Mount Yale Investment Advisors LLC raised its stake in shares of Royal Bank of Canada by 1.6% in the second 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 during the last quarter. Finally, Frank Rimerman Advisors LLC bought a new position in shares of Royal Bank of Canada in the second quarter valued at approximately $220,000. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

RY opened at $123.16 on Tuesday. The company has a fifty day moving average price of $115.10 and a two-hundred day moving average price of $107.36. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87. Royal Bank of Canada has a 52 week low of $77.90 and a 52 week high of $124.46. The firm has a market capitalization of $174.28 billion, a PE ratio of 15.28, a P/E/G ratio of 2.00 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 EPS 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 during the quarter, compared to analyst estimates of $10.40 billion. As a group, analysts anticipate 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 announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders 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 yield of 3.34%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is presently 52.11%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on RY shares. Argus lifted 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. BMO Capital Markets raised 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 report on Thursday, August 29th. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Finally, UBS Group initiated coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.