Grove Bank & Trust Takes $28,000 Position in Royal Bank of Canada (NYSE:RY)

Grove Bank & Trust acquired a new position in Royal Bank of Canada (NYSE:RY) (TSE:RY) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 228 shares of the financial services provider’s stock, valued at approximately $28,000.

Several other hedge funds have also recently bought and sold shares of the business. National Bank of Canada FI boosted its stake in shares of Royal Bank of Canada by 16.7% during the 2nd quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock worth $2,141,681,000 after acquiring an additional 2,901,033 shares in the last quarter. Capital World Investors lifted its holdings in Royal Bank of Canada by 75.0% in the 1st quarter. Capital World Investors now owns 6,320,246 shares of the financial services provider’s stock worth $637,460,000 after purchasing an additional 2,708,534 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Royal Bank of Canada by 40.5% during the first quarter. Canada Pension Plan Investment Board now owns 5,039,171 shares of the financial services provider’s stock worth $508,739,000 after purchasing an additional 1,452,127 shares during the period. Vanguard Group Inc. grew its holdings in Royal Bank of Canada by 1.8% during the first quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock valued at $5,618,566,000 after purchasing an additional 964,898 shares during the last quarter. Finally, MUFG Securities EMEA plc bought a new position in shares of Royal Bank of Canada in the second quarter valued at approximately $29,254,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock opened at $124.44 on Wednesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market cap of $176.09 billion, a PE ratio of 15.44, a price-to-earnings-growth ratio of 1.99 and a beta of 0.86. The firm has a fifty day moving average price of $119.27 and a two-hundred day moving average price of $109.97. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week 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 for the quarter, beating the consensus estimate of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The business had revenue of $10.68 billion during the quarter, compared to analysts’ expectations of $10.40 billion. Analysts expect that Royal Bank of Canada will post 8.91 EPS for the current year.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a dividend of $1.028 per share. This represents a $4.11 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s payout ratio is presently 51.99%.

Wall Street Analysts Forecast Growth

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

Royal Bank of Canada Company 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.