Principal Financial Group Inc. Sells 5,900 Shares of Royal Bank of Canada (NYSE:RY)

Principal Financial Group Inc. lowered its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 10.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,200 shares of the financial services provider’s stock after selling 5,900 shares during the period. Principal Financial Group Inc.’s holdings in Royal Bank of Canada were worth $6,647,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in RY. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Royal Bank of Canada by 110.3% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 118 shares during the last quarter. Grove Bank & Trust bought a new stake in shares of Royal Bank of Canada in the 3rd quarter valued at $28,000. Ridgewood Investments LLC acquired a new position in shares of Royal Bank of Canada during the second quarter valued at about $27,000. Ashton Thomas Private Wealth LLC bought a new position in Royal Bank of Canada in the second quarter worth approximately $33,000. Finally, Eastern Bank bought a new position in shares of Royal Bank of Canada in the 3rd quarter worth $59,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. BMO Capital Markets raised their price target 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, two have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Price Performance

NYSE:RY opened at $122.94 on Wednesday. The stock has a market cap of $173.80 billion, a PE ratio of 14.87, a P/E/G ratio of 1.86 and a beta of 0.86. 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 business’s 50-day simple moving average is $123.37 and its two-hundred day simple moving average is $114.27. Royal Bank of Canada has a 52 week low of $85.02 and a 52 week high of $126.96.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $10.68 billion for the quarter, compared to analysts’ expectations of $10.40 billion. As a group, analysts forecast that Royal Bank of Canada will post 8.88 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a $1.028 dividend. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s payout ratio is presently 50.67%.

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.