The Manufacturers Life Insurance Company Increases Stake in Royal Bank Of Canada $RY

The Manufacturers Life Insurance Company grew its stake in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 2.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,130,512 shares of the financial services provider’s stock after buying an additional 250,859 shares during the quarter. Royal Bank Of Canada accounts for about 1.7% of The Manufacturers Life Insurance Company’s investment portfolio, making the stock its 7th biggest holding. The Manufacturers Life Insurance Company owned about 0.87% of Royal Bank Of Canada worth $1,959,185,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. HighTower Advisors LLC boosted its position in shares of Royal Bank Of Canada by 18.5% during the fourth quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider’s stock worth $16,407,000 after buying an additional 15,046 shares during the period. Fisher Asset Management LLC raised its position in Royal Bank Of Canada by 6.1% in the 4th quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider’s stock valued at $1,086,601,000 after buying an additional 368,534 shares during the last quarter. Rathbones Group PLC lifted its stake in Royal Bank Of Canada by 9.0% in the 4th quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider’s stock valued at $55,480,000 after acquiring an additional 26,782 shares in the last quarter. Indivisible Partners bought a new stake in Royal Bank Of Canada in the 4th quarter valued at approximately $7,335,000. Finally, MUFG Securities EMEA plc acquired a new position in Royal Bank Of Canada during the 4th quarter worth approximately $49,450,000. Institutional investors own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Weiss Ratings cut shares of Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Monday, June 29th. Argus set a $225.00 target price on shares of Royal Bank Of Canada in a report on Thursday, June 11th. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Finally, Raymond James Financial cut shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. Ten equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $225.00.

Royal Bank Of Canada Trading Up 0.2%

Shares of Royal Bank Of Canada stock opened at $209.54 on Tuesday. Royal Bank Of Canada has a 12-month low of $127.38 and a 12-month high of $218.57. The stock has a market cap of $290.55 billion, a P/E ratio of 18.83, a P/E/G ratio of 1.66 and a beta of 0.80. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $201.42 and its 200-day moving average is $181.14.

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

Royal Bank Of Canada Increases Dividend

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

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.