Royal Bank Of Canada $RY Stock: Palisade Asset Management LLC Cuts Stake

Palisade Asset Management LLC trimmed its position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 4.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 78,789 shares of the financial services provider’s stock after selling 3,849 shares during the period. Royal Bank Of Canada comprises 1.5% of Palisade Asset Management LLC’s holdings, making the stock its 21st biggest holding. Palisade Asset Management LLC’s holdings in Royal Bank Of Canada were worth $15,489,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company bought a new stake in Royal Bank Of Canada during the 2nd quarter valued at about $2,296,717,000. Legal & General Group Plc purchased a new stake in Royal Bank Of Canada in the 2nd quarter valued at about $1,645,758,000. M. Kulyk & Associates LLC purchased a new stake in Royal Bank Of Canada in the 2nd quarter valued at about $2,953,000. Korea Investment CORP bought a new position in Royal Bank Of Canada in the 2nd quarter worth about $175,489,000. Finally, Nykredit A S bought a new position in Royal Bank Of Canada in the 2nd quarter worth about $57,183,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank Of Canada Stock Performance

Shares of Royal Bank Of Canada stock opened at $201.06 on Friday. The firm has a market cap of $278.27 billion, a P/E ratio of 17.59, a P/E/G ratio of 1.67 and a beta of 0.79. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.10. Royal Bank Of Canada has a 12 month low of $143.38 and a 12 month high of $218.57. The stock’s fifty day moving average price is $201.46 and its 200-day moving average price is $190.02.

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

Royal Bank Of Canada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Shareholders of record on Monday, October 26th will be given 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 3.5%. Royal Bank Of Canada’s dividend payout ratio (DPR) is 43.31%.

Analyst Ratings Changes

A number of brokerages have recently commented on RY. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 19th. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 12th. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a report on Friday, August 28th. Barclays reissued an “overweight” rating on shares of Royal Bank Of Canada in a research note on Friday, August 21st. Finally, Keefe, Bruyette & Woods initiated coverage on Royal Bank Of Canada in a research note on Friday, August 21st. They issued a “market perform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Royal Bank Of Canada has an average rating of “Moderate Buy” and an average target price of $225.00.

About Royal Bank Of Canada

Royal Bank of Canada (RBC) is a diversified financial services company founded in 1864 and headquartered in Toronto, Ontario. It provides personal and commercial banking, wealth management, insurance, investor and treasury services, and capital markets services to individuals, businesses, institutions, and governments.

In Canada, RBC offers banking products such as deposit accounts, loans, mortgages, credit cards, and financial advice. Its wealth management and insurance businesses provide investment, advisory, and protection services, while its capital markets operations serve corporate and institutional clients.

RBC serves customers primarily in Canada and the United States, with additional operations and clients in international markets.