Royal Bank Of Canada $RY Stock Position Reduced by Burkett Asset Management Ltd

Burkett Asset Management Ltd lowered its position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 8.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 38,240 shares of the financial services provider’s stock after selling 3,358 shares during the period. Royal Bank Of Canada accounts for 7.1% of Burkett Asset Management Ltd’s investment portfolio, making the stock its 2nd largest holding. Burkett Asset Management Ltd’s holdings in Royal Bank Of Canada were worth $7,545,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Key Financial Inc increased its stake in shares of Royal Bank Of Canada by 63.0% in the first quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 63 shares in the last quarter. BOK Financial Private Wealth Inc. bought a new stake in shares of Royal Bank Of Canada during the 2nd quarter valued at $28,000. Maseco LLP raised its position in shares of Royal Bank Of Canada by 355.0% during the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 142 shares during the period. Highland Investment Advisors LLC purchased a new position in shares of Royal Bank Of Canada during the 2nd quarter valued at $31,000. Finally, Bell Investment Advisors Inc purchased a new position in shares of Royal Bank Of Canada during the 2nd quarter valued at $32,000. 45.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RY has been the subject of several recent analyst reports. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a report on Wednesday, August 19th. Scotiabank reissued an “outperform” rating on shares of Royal Bank Of Canada in a report on Friday, August 28th. Keefe, Bruyette & Woods initiated coverage on Royal Bank Of Canada in a report on Friday, August 21st. They set a “market perform” rating on the stock. TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. Finally, Barclays restated an “overweight” rating on shares of Royal Bank Of Canada in a research report on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.00.

Royal Bank Of Canada Stock Up 0.5%

RY opened at $192.78 on Tuesday. The firm has a 50-day simple moving average of $204.73 and a two-hundred day simple moving average of $195.62. Royal Bank Of Canada has a 52 week low of $143.13 and a 52 week high of $218.57. The company has a market capitalization of $266.80 billion, a PE ratio of 16.87, a price-to-earnings-growth ratio of 1.72 and a beta of 0.80. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.10.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Thursday, August 27th. The financial services provider reported $3.07 earnings per share for the quarter, beating analysts’ consensus estimates of $2.89 by $0.18. Royal Bank Of Canada had a return on equity of 17.79% and a net margin of 16.17%. The firm had revenue of $13.22 billion during the quarter, compared to analyst estimates of $12.98 billion. Analysts forecast that Royal Bank Of Canada will post 11.83 earnings per share for the current fiscal year.

Royal Bank Of Canada Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Monday, October 26th will be paid a dividend of C$1.76 per share. The ex-dividend date of this dividend is Monday, October 26th. This represents a $7.04 dividend on an annualized basis and a yield of 3.7%. Royal Bank Of Canada’s dividend payout ratio is presently 43.39%.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company headquartered in Toronto, Canada. Founded in 1864, it operates under the RBC brand and serves individuals, businesses, institutional clients and governments.

RBC provides personal and commercial banking services, including deposit accounts, lending, mortgages, credit cards, payment solutions and financial advice. Its wealth management operations offer investment management, brokerage, trust, private banking and financial planning services to individuals, families and institutions.

Through RBC Capital Markets, the company provides investment banking, corporate banking, securities, sales and trading, and financial advisory services.