Phillips Wealth Planners LLC Invests $498,000 in Royal Bank Of Canada $RY

Phillips Wealth Planners LLC acquired a new stake in Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,382 shares of the financial services provider’s stock, valued at approximately $498,000.

Several other institutional investors and hedge funds have also modified their holdings of RY. Vanguard Group Inc. lifted its stake in shares of Royal Bank Of Canada by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider’s stock worth $11,529,165,000 after purchasing an additional 1,290,142 shares during the period. FIL Ltd grew its position in shares of Royal Bank Of Canada by 1.1% in the fourth quarter. FIL Ltd now owns 23,258,871 shares of the financial services provider’s stock valued at $3,965,133,000 after purchasing an additional 255,465 shares during the period. Norges Bank purchased a new stake in shares of Royal Bank Of Canada in the fourth quarter valued at $3,472,382,000. Bank of Nova Scotia increased its stake in Royal Bank Of Canada by 1.6% in the fourth quarter. Bank of Nova Scotia now owns 15,233,532 shares of the financial services provider’s stock valued at $2,596,904,000 after purchasing an additional 238,589 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Royal Bank Of Canada by 6.9% during the fourth quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider’s stock worth $2,389,773,000 after buying an additional 882,253 shares during the period. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank Of Canada Price Performance

Royal Bank Of Canada stock opened at $216.19 on Tuesday. Royal Bank Of Canada has a 52-week low of $135.92 and a 52-week high of $218.57. The firm has a fifty day moving average of $207.83 and a 200-day moving average of $185.66. The firm has a market capitalization of $299.77 billion, a P/E ratio of 19.42, a PEG ratio of 1.71 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.

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, beating the consensus estimate of $2.81 by $0.03. The business had revenue of $12.84 billion for the quarter, compared to analyst estimates of $12.74 billion. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%. The business’s quarterly revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.12 EPS. As a group, analysts predict that Royal Bank Of Canada will post 11.47 EPS 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 $1.76 dividend. This represents a $7.04 annualized dividend and a yield of 3.3%. This is a boost 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 is 44.56%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Argus set a $225.00 price target on Royal Bank Of Canada in a report on Thursday, June 11th. 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. Weiss Ratings upgraded shares of Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, July 29th. Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Finally, TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $225.00.

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.