Carret Asset Management LLC Takes $207,000 Position in Royal Bank of Canada (NYSE:RY)

Carret Asset Management LLC bought a new position in Royal Bank of Canada (NYSE:RY) (TSE:RY) during the 4th quarter, HoldingsChannel.com reports. The fund bought 2,050 shares of the financial services provider’s stock, valued at approximately $207,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Yousif Capital Management LLC increased its position in shares of Royal Bank of Canada by 7.0% during the fourth quarter. Yousif Capital Management LLC now owns 24,445 shares of the financial services provider’s stock valued at $2,472,000 after purchasing an additional 1,590 shares during the period. Lorne Steinberg Wealth Management Inc. grew its position in Royal Bank of Canada by 4.9% during the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 106,474 shares of the financial services provider’s stock worth $10,770,000 after acquiring an additional 5,017 shares during the last quarter. Sage Mountain Advisors LLC grew its position in Royal Bank of Canada by 27.2% during the 4th quarter. Sage Mountain Advisors LLC now owns 7,709 shares of the financial services provider’s stock worth $780,000 after acquiring an additional 1,649 shares during the last quarter. Duality Advisers LP lifted its holdings in Royal Bank of Canada by 33.0% during the 4th quarter. Duality Advisers LP now owns 48,862 shares of the financial services provider’s stock worth $4,941,000 after buying an additional 12,119 shares in the last quarter. Finally, Klingenstein Fields & Co. LP acquired a new position in Royal Bank of Canada during the 4th quarter worth $204,000. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Up 0.1 %

Shares of NYSE RY traded up $0.10 during trading on Thursday, hitting $97.37. 221,526 shares of the company traded hands, compared to its average volume of 1,233,135. The business’s fifty day moving average is $99.11 and its 200 day moving average is $94.61. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $103.88. The firm has a market capitalization of $137.75 billion, a price-to-earnings ratio of 12.25, a P/E/G ratio of 1.72 and a beta of 0.86. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.89 and a current ratio of 0.89.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Wednesday, February 28th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.05. Royal Bank of Canada had a net margin of 12.43% and a return on equity of 14.74%. The business had revenue of $9.98 billion during the quarter, compared to the consensus estimate of $10.10 billion. Equities research analysts predict that Royal Bank of Canada will post 8.45 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Thursday, April 25th will be paid a dividend of $1.0207 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.02. This represents a $4.08 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date of this dividend is Wednesday, April 24th. Royal Bank of Canada’s dividend payout ratio is presently 25.31%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Jefferies Financial Group began coverage on Royal Bank of Canada in a research note on Thursday, February 22nd. They issued a “hold” rating on the stock. Barclays initiated coverage on Royal Bank of Canada in a report on Wednesday, March 20th. They set an “equal weight” rating for the company. BMO Capital Markets upgraded shares of Royal Bank of Canada from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $140.00 to $150.00 in a research report on Friday, April 5th. Finally, StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Royal Bank of Canada currently has a consensus rating of “Hold” and a consensus target price of $137.67.

Royal Bank of Canada Company 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.