Royal Bank of Canada (NYSE:RY) Shares Sold by Nexus Investment Management ULC

Nexus Investment Management ULC reduced its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 471,270 shares of the financial services provider’s stock after selling 12,695 shares during the period. Royal Bank of Canada comprises 5.8% of Nexus Investment Management ULC’s holdings, making the stock its largest position. Nexus Investment Management ULC’s holdings in Royal Bank of Canada were worth $58,891,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Orion Portfolio Solutions LLC lifted its stake in Royal Bank of Canada by 47.4% in the 1st quarter. Orion Portfolio Solutions LLC now owns 16,494 shares of the financial services provider’s stock valued at $1,664,000 after purchasing an additional 5,302 shares during the last quarter. UniSuper Management Pty Ltd raised its holdings in Royal Bank of Canada by 91.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 19,900 shares of the financial services provider’s stock valued at $2,008,000 after acquiring an additional 9,500 shares during the period. Legal & General Group Plc raised its holdings in Royal Bank of Canada by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock valued at $1,118,150,000 after acquiring an additional 190,341 shares during the period. Maryland State Retirement & Pension System raised its holdings in Royal Bank of Canada by 53.0% in the 1st quarter. Maryland State Retirement & Pension System now owns 73,036 shares of the financial services provider’s stock valued at $7,038,000 after acquiring an additional 25,299 shares during the period. Finally, Executive Wealth Group LLC raised its holdings in Royal Bank of Canada by 201.8% in the 1st quarter. Executive Wealth Group LLC now owns 30,191 shares of the financial services provider’s stock valued at $2,975,000 after acquiring an additional 20,186 shares during the period. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RY has been the topic of several research analyst reports. BMO Capital Markets increased 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. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Finally, UBS Group initiated coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Stock Up 0.8 %

Shares of RY opened at $124.44 on Wednesday. Royal Bank of Canada has a 12 month low of $77.90 and a 12 month high of $125.28. The firm’s 50 day moving average is $119.27 and its 200-day moving average is $109.97. The stock has a market capitalization of $176.09 billion, a PE ratio of 15.44, a P/E/G ratio of 1.99 and a beta of 0.86. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data 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 business had revenue of $10.68 billion for the quarter, compared to analysts’ expectations of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. Equities research analysts forecast 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. Investors of record on Thursday, October 24th will be paid a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.30%. Royal Bank of Canada’s dividend payout ratio (DPR) is 51.99%.

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.