Cardinal Capital Management Inc. Decreases Stake in Royal Bank of Canada (NYSE:RY)

Cardinal Capital Management Inc. decreased its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,172,565 shares of the financial services provider’s stock after selling 11,006 shares during the period. Royal Bank of Canada comprises about 6.0% of Cardinal Capital Management Inc.’s holdings, making the stock its 2nd largest holding. Cardinal Capital Management Inc. owned about 0.08% of Royal Bank of Canada worth $146,526,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC acquired a new position in shares of Royal Bank of Canada in the second quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC acquired a new position in Royal Bank of Canada in the 2nd quarter valued at approximately $33,000. Mather Group LLC. bought a new position in shares of Royal Bank of Canada during the first quarter valued at $49,000. Nisa Investment Advisors LLC lifted its holdings in shares of Royal Bank of Canada by 293.8% during the second quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 379 shares during the period. Finally, Bruce G. Allen Investments LLC increased its holdings in Royal Bank of Canada by 122.8% in the third quarter. Bruce G. Allen Investments LLC now owns 751 shares of the financial services provider’s stock valued at $94,000 after purchasing an additional 414 shares during the period. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Trading Up 1.9 %

NYSE RY opened at $123.79 on Friday. The stock has a market capitalization of $175.00 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.99 and a beta of 0.86. The business has a 50 day simple moving average of $118.57 and a 200 day simple moving average of $109.58. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. Royal Bank of Canada has a one year low of $77.90 and a one year high of $125.28.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. The company had revenue of $10.68 billion for the quarter, compared to the consensus estimate of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. Research analysts expect that Royal Bank of Canada will post 8.97 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be paid a $1.028 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.32%. Royal Bank of Canada’s dividend payout ratio is presently 50.18%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. UBS Group started coverage on shares of Royal Bank of Canada in a research report on Tuesday, July 2nd. They set a “buy” rating for the company. Finally, BMO Capital Markets boosted their price target on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Royal Bank of Canada currently has an average rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.