Old North State Wealth Management LLC Takes Position in Royal Bank Of Canada $RY

Old North State Wealth Management LLC purchased a new position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 4,150 shares of the financial services provider’s stock, valued at approximately $611,000.

Other large investors have also recently added to or reduced their stakes in the company. Trust Co of the South boosted its stake in shares of Royal Bank Of Canada by 0.3% during the 2nd quarter. Trust Co of the South now owns 25,121 shares of the financial services provider’s stock valued at $3,305,000 after buying an additional 78 shares during the period. Brucke Financial Inc. raised its holdings in shares of Royal Bank Of Canada by 1.9% during the second quarter. Brucke Financial Inc. now owns 4,264 shares of the financial services provider’s stock worth $561,000 after acquiring an additional 79 shares in the last quarter. Choreo LLC raised its holdings in shares of Royal Bank Of Canada by 4.2% during the second quarter. Choreo LLC now owns 2,088 shares of the financial services provider’s stock worth $275,000 after acquiring an additional 84 shares in the last quarter. Contravisory Investment Management Inc. boosted its position in Royal Bank Of Canada by 4.3% during the second quarter. Contravisory Investment Management Inc. now owns 2,041 shares of the financial services provider’s stock valued at $268,000 after purchasing an additional 85 shares during the last quarter. Finally, Financial Management Professionals Inc. grew its stake in Royal Bank Of Canada by 29.2% in the second quarter. Financial Management Professionals Inc. now owns 434 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 98 shares in the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank Of Canada Trading Up 0.1%

Shares of NYSE RY opened at $171.38 on Monday. Royal Bank Of Canada has a fifty-two week low of $106.10 and a fifty-two week high of $171.84. The firm has a market capitalization of $240.02 billion, a P/E ratio of 17.09, a P/E/G ratio of 1.23 and a beta of 0.80. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.81 and a quick ratio of 0.81. The company’s 50 day simple moving average is $154.87 and its 200 day simple moving average is $143.73.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Wednesday, December 3rd. The financial services provider reported $2.76 EPS for the quarter, beating the consensus estimate of $2.51 by $0.25. The company had revenue of $12.27 billion during the quarter, compared to analysts’ expectations of $12.12 billion. Royal Bank Of Canada had a net margin of 14.83% and a return on equity of 16.83%. The business’s revenue for the quarter was up 14.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.07 EPS. On average, analysts predict that Royal Bank Of Canada will post 9.16 EPS for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 24th. Stockholders of record on Monday, January 26th will be paid a $1.64 dividend. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.54. The ex-dividend date of this dividend is Monday, January 26th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 3.8%. Royal Bank Of Canada’s dividend payout ratio (DPR) is currently 44.07%.

Analysts Set New Price Targets

Several brokerages have weighed in on RY. Erste Group Bank raised Royal Bank Of Canada from a “hold” rating to a “buy” rating in a research report on Monday, September 22nd. UBS Group reissued a “buy” rating on shares of Royal Bank Of Canada in a report on Tuesday, November 25th. National Bankshares reissued an “outperform” rating on shares of Royal Bank Of Canada in a report on Thursday, December 4th. Zacks Research lowered shares of Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Finally, Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Thursday, December 4th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $162.00.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.