Renaissance Technologies LLC Has $59.53 Million Stake in Royal Bank of Canada (RY)
Renaissance Technologies LLC lowered its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 24.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 729,077 shares of the financial services provider’s stock after selling 236,500 shares during the period. Renaissance Technologies LLC’s holdings in Royal Bank of Canada were worth $59,530,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Merit Financial Group LLC acquired a new position in shares of Royal Bank of Canada in the 4th quarter valued at $358,000. Scotia Capital Inc. lifted its stake in shares of Royal Bank of Canada by 1.4% in the 4th quarter. Scotia Capital Inc. now owns 6,177,474 shares of the financial services provider’s stock valued at $504,469,000 after purchasing an additional 85,032 shares during the period. Signaturefd LLC raised its stake in Royal Bank of Canada by 36.7% during the 4th quarter. Signaturefd LLC now owns 5,640 shares of the financial services provider’s stock worth $460,000 after buying an additional 1,515 shares during the period. Koch Industries Inc. acquired a new stake in Royal Bank of Canada during the 4th quarter worth $228,000. Finally, Holderness Investments Co. raised its stake in Royal Bank of Canada by 91.1% during the 4th quarter. Holderness Investments Co. now owns 5,024 shares of the financial services provider’s stock worth $410,000 after buying an additional 2,395 shares during the period. 42.85% of the stock is currently owned by institutional investors.
Several analysts recently commented on the company. Bank of America raised Royal Bank of Canada from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 30th. CIBC downgraded Royal Bank of Canada from an “outperform” rating to a “neutral” rating in a research note on Thursday, February 1st. Argus raised their price objective on Royal Bank of Canada to $94.00 and gave the stock a “buy” rating in a research note on Friday, January 5th. They noted that the move was a valuation call. Zacks Investment Research downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, February 16th. Finally, Scotiabank reaffirmed a “hold” rating and set a $101.00 price objective on shares of Royal Bank of Canada in a research note on Wednesday, November 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $98.60.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings results on Friday, February 23rd. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.57 by $0.15. Royal Bank of Canada had a return on equity of 17.60% and a net margin of 21.64%. The firm had revenue of $10.83 billion for the quarter, compared to the consensus estimate of $9.98 billion. During the same quarter last year, the business posted $1.83 EPS. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. equities research analysts forecast that Royal Bank of Canada will post 6.66 earnings per share for the current fiscal year.
Royal Bank of Canada announced that its board has initiated a stock buyback plan on Friday, February 23rd that permits the company to repurchase 30,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, May 24th. Shareholders of record on Wednesday, April 25th will be paid a $0.74 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Tuesday, April 24th. This represents a $2.96 annualized dividend and a dividend yield of 3.77%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 49.06%.
WARNING: “Renaissance Technologies LLC Has $59.53 Million Stake in Royal Bank of Canada (RY)” was posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this report on another publication, it was illegally stolen and republished in violation of United States & international copyright law. The correct version of this report can be accessed at https://www.thecerbatgem.com/2018/03/14/renaissance-technologies-llc-has-59-53-million-stake-in-royal-bank-of-canada-ry.html.
About Royal Bank of Canada
Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
Want to see what other hedge funds are holding RY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Royal Bank of Canada (NYSE:RY) (TSE:RY).
Receive News & Ratings for Royal Bank of Canada Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Bank of Canada and related companies with MarketBeat.com's FREE daily email newsletter.