PCJ Investment Counsel Ltd. Buys 2,060 Shares of Royal Bank of Canada (NYSE:RY)

PCJ Investment Counsel Ltd. raised its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,830 shares of the financial services provider’s stock after acquiring an additional 2,060 shares during the quarter. Royal Bank of Canada makes up 3.1% of PCJ Investment Counsel Ltd.’s investment portfolio, making the stock its 7th largest holding. PCJ Investment Counsel Ltd.’s holdings in Royal Bank of Canada were worth $9,713,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of RY. National Bank of Canada FI grew its stake in 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 valued at $2,141,681,000 after acquiring an additional 2,901,033 shares in the last quarter. Capital World Investors grew its stake in Royal Bank of Canada by 75.0% during the 1st quarter. Capital World Investors now owns 6,320,246 shares of the financial services provider’s stock valued at $637,460,000 after acquiring an additional 2,708,534 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Royal Bank of Canada by 40.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,039,171 shares of the financial services provider’s stock valued at $508,739,000 after acquiring an additional 1,452,127 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Royal Bank of Canada during the 3rd quarter valued at about $153,217,000. Finally, MUFG Securities EMEA plc purchased a new position in Royal Bank of Canada during the 2nd quarter valued at about $29,254,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. BMO Capital Markets lifted their target price on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Trading Up 0.4 %

Shares of NYSE RY opened at $122.94 on Wednesday. The stock has a market cap of $173.80 billion, a price-to-earnings ratio of 14.87, a PEG ratio of 1.86 and a beta of 0.86. The business has a 50 day simple moving average of $123.37 and a 200 day simple moving average of $114.27. Royal Bank of Canada has a 52 week low of $85.02 and a 52 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.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. The firm had revenue of $10.68 billion during the quarter, compared to analysts’ expectations 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, research analysts predict that Royal Bank of Canada will post 8.88 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.34%. Royal Bank of Canada’s payout ratio is currently 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.