Lazard Asset Management LLC Raises Stake in Royal Bank Of Canada $RY

Lazard Asset Management LLC increased its holdings in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 289.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 345,881 shares of the financial services provider’s stock after acquiring an additional 257,138 shares during the period. Lazard Asset Management LLC’s holdings in Royal Bank Of Canada were worth $55,925,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RY. Harvest Fund Management Co. Ltd bought a new stake in shares of Royal Bank Of Canada in the 4th quarter worth approximately $25,000. Key Financial Inc increased its position in Royal Bank Of Canada by 63.0% during the 1st quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock valued at $26,000 after buying an additional 63 shares in the last quarter. Johnson Financial Group Inc. purchased a new position in Royal Bank Of Canada during the third quarter valued at $27,000. Maseco LLP raised its stake in Royal Bank Of Canada by 355.0% during the first quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock valued at $29,000 after buying an additional 142 shares during the last quarter. Finally, Highline Wealth Partners LLC boosted its holdings in Royal Bank Of Canada by 75.4% in the fourth quarter. Highline Wealth Partners LLC now owns 207 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank Of Canada Stock Performance

Shares of RY opened at $209.54 on Tuesday. The business’s fifty day simple moving average is $201.42 and its two-hundred day simple moving average is $181.14. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. Royal Bank Of Canada has a 12 month low of $127.38 and a 12 month high of $218.57. The company has a market cap of $290.55 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 1.66 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.81 by $0.03. The business had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The company’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter last year, the company earned $3.12 EPS. Research analysts anticipate that Royal Bank Of Canada will post 11.45 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be paid a dividend of $1.76 per share. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a yield of 3.4%. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s dividend payout ratio (DPR) is currently 44.47%.

Analyst Upgrades and Downgrades

RY has been the topic of a number of recent research reports. Weiss Ratings cut Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Monday, June 29th. Raymond James Financial lowered Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. TD Securities reissued a “buy” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Finally, Argus set a $225.00 price objective on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. Ten equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $225.00.

Royal Bank Of Canada Company Profile

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.