Lincluden Management Ltd. Has $75.70 Million Position in Royal Bank of Canada (NYSE:RY)

Lincluden Management Ltd. reduced its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 606,169 shares of the financial services provider’s stock after selling 19,996 shares during the period. Royal Bank of Canada makes up approximately 8.3% of Lincluden Management Ltd.’s holdings, making the stock its largest holding. Lincluden Management Ltd.’s holdings in Royal Bank of Canada were worth $75,704,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in Royal Bank of Canada in the first quarter worth $86,000. First Trust Direct Indexing L.P. lifted its position in Royal Bank of Canada by 5.9% during the 1st quarter. First Trust Direct Indexing L.P. now owns 13,376 shares of the financial services provider’s stock worth $1,349,000 after buying an additional 741 shares in the last quarter. Private Advisor Group LLC lifted its position in Royal Bank of Canada by 9.6% during the 1st quarter. Private Advisor Group LLC now owns 5,956 shares of the financial services provider’s stock worth $601,000 after buying an additional 521 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in Royal Bank of Canada by 75.1% during the 1st quarter. Sequoia Financial Advisors LLC now owns 12,365 shares of the financial services provider’s stock worth $1,247,000 after acquiring an additional 5,303 shares during the last quarter. Finally, Janney Montgomery Scott LLC increased its position in Royal Bank of Canada by 5.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 73,471 shares of the financial services provider’s stock valued at $7,412,000 after acquiring an additional 4,018 shares in the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on RY shares. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. BMO Capital Markets increased their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Stock Down 2.2 %

Shares of NYSE:RY opened at $120.91 on Friday. Royal Bank of Canada has a one year low of $79.12 and a one year high of $126.96. The stock has a market cap of $170.93 billion, a price-to-earnings ratio of 14.62, a P/E/G ratio of 2.02 and a beta of 0.86. 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 50 day moving average of $122.56 and a 200-day moving average of $111.79.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.23. The business had revenue of $10.68 billion for the quarter, compared to analyst estimates of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. On average, sell-side analysts forecast that Royal Bank of Canada will post 8.91 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.40%. Royal Bank of Canada’s payout ratio is currently 50.79%.

About Royal Bank of Canada

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.