K.J. Harrison & Partners Inc Invests $23.33 Million in Royal Bank Of Canada $RY

K.J. Harrison & Partners Inc bought a new position in shares of Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 112,905 shares of the financial services provider’s stock, valued at approximately $23,334,000. Royal Bank Of Canada comprises approximately 3.3% of K.J. Harrison & Partners Inc’s investment portfolio, making the stock its 3rd biggest position.

A number of other hedge funds have also added to or reduced their stakes in the business. HighTower Advisors LLC grew its stake in Royal Bank Of Canada by 18.5% in the fourth quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider’s stock valued at $16,407,000 after purchasing an additional 15,046 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Royal Bank Of Canada by 6.1% during the 4th quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider’s stock worth $1,086,601,000 after purchasing an additional 368,534 shares in the last quarter. Rathbones Group PLC raised its stake in shares of Royal Bank Of Canada by 9.0% during the 4th quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider’s stock worth $55,480,000 after purchasing an additional 26,782 shares in the last quarter. Indivisible Partners acquired a new stake in shares of Royal Bank Of Canada in the 4th quarter valued at approximately $7,335,000. Finally, MUFG Securities EMEA plc acquired a new stake in shares of Royal Bank Of Canada in the 4th quarter valued at approximately $49,450,000. Institutional investors own 45.31% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on RY. Weiss Ratings raised shares of Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, July 29th. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a research report on Friday, May 29th. Finally, TD Securities restated a “buy” rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $225.00.

Royal Bank Of Canada Stock Performance

RY opened at $216.19 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. Royal Bank Of Canada has a 12-month low of $135.92 and a 12-month high of $218.57. The business has a 50 day moving average of $207.83 and a 200-day moving average of $185.66. The stock has a market cap of $299.77 billion, a price-to-earnings ratio of 19.42, a PEG ratio of 1.71 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 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. During the same period in the previous year, the firm earned $3.12 EPS. The firm’s revenue was up 11.4% compared to the same quarter last year. On average, equities research analysts expect that Royal Bank Of Canada will post 11.47 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be given a dividend of $1.76 per share. This represents a $7.04 dividend on an annualized basis and a yield of 3.3%. This is a positive change from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. Royal Bank Of Canada’s dividend payout ratio (DPR) is presently 44.56%.

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.