Park Avenue Securities LLC Sells 2,756 Shares of Royal Bank Of Canada $RY

Park Avenue Securities LLC cut its stake in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 15.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 14,893 shares of the financial services provider’s stock after selling 2,756 shares during the period. Park Avenue Securities LLC’s holdings in Royal Bank Of Canada were worth $2,928,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of RY. Bank of Nova Scotia purchased a new stake in Royal Bank Of Canada in the second quarter valued at approximately $2,549,157,000. The Manufacturers Life Insurance Company purchased a new position in Royal Bank Of Canada during the second quarter worth approximately $2,296,717,000. Canada Pension Plan Investment Board purchased a new position in Royal Bank Of Canada during the second quarter worth approximately $2,275,797,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Royal Bank Of Canada in the 2nd quarter valued at $2,260,820,000. Finally, Legal & General Group Plc acquired a new position in shares of Royal Bank Of Canada in the 2nd quarter valued at $1,645,758,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank Of Canada Trading Down 1.4%

Shares of RY stock opened at $203.05 on Friday. 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 has a fifty-two week low of $143.38 and a fifty-two week high of $218.57. The firm’s 50 day moving average price is $201.57 and its two-hundred day moving average price is $189.12. The stock has a market cap of $281.02 billion, a price-to-earnings ratio of 17.75, a price-to-earnings-growth ratio of 1.85 and a beta of 0.80.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Thursday, August 27th. The financial services provider reported $3.07 EPS for the quarter, beating analysts’ consensus estimates of $2.89 by $0.18. The business had revenue of $13.22 billion for the quarter, compared to the consensus estimate of $12.98 billion. Royal Bank Of Canada had a net margin of 16.17% and a return on equity of 17.79%. On average, analysts anticipate that Royal Bank Of Canada will post 11.83 EPS for the current year.

Royal Bank Of Canada Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Monday, October 26th will be issued a C$1.76 dividend. This represents a $7.04 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, October 26th. Royal Bank Of Canada’s dividend payout ratio is currently 43.31%.

Analysts Set New Price Targets

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

Royal Bank Of Canada Company Profile

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 provides banking, wealth management, capital markets, insurance and investor services to individuals, businesses, institutions and governments.

RBC’s personal and commercial banking operations offer deposit accounts, lending, mortgages, credit cards, payment services and financial advice. Its wealth management business provides investment management, private banking, trust, brokerage and advisory services, while RBC Capital Markets delivers investment banking, sales and trading, research and corporate finance services.