Intact Investment Management Inc. Decreases Position in Royal Bank of Canada (NYSE:RY)

Intact Investment Management Inc. cut its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 53.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 310,340 shares of the financial services provider’s stock after selling 351,810 shares during the quarter. Royal Bank of Canada comprises approximately 1.3% of Intact Investment Management Inc.’s portfolio, making the stock its 21st biggest holding. Intact Investment Management Inc.’s holdings in Royal Bank of Canada were worth $38,737,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. raised its holdings in Royal Bank of Canada by 110.3% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 118 shares during the last quarter. Grove Bank & Trust acquired a new stake in Royal Bank of Canada in the 3rd quarter valued at about $28,000. Ridgewood Investments LLC acquired a new stake in Royal Bank of Canada in the 2nd quarter valued at about $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in Royal Bank of Canada in the 2nd quarter valued at about $33,000. Finally, Eastern Bank acquired a new stake in Royal Bank of Canada in the 3rd quarter valued at about $59,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RY. BMO Capital Markets raised 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 report on Thursday, August 29th. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. One investment 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 MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Stock Up 0.7 %

Royal Bank of Canada stock opened at $121.79 on Monday. Royal Bank of Canada has a fifty-two week low of $80.96 and a fifty-two week high of $126.96. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a 50 day moving average price of $122.68 and a 200 day moving average price of $112.18. The company has a market capitalization of $172.17 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 1.98 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted 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 firm had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $10.40 billion. Research analysts expect 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. Investors of record on Thursday, October 24th will be issued a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 annualized dividend and a yield of 3.38%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.67%.

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.