Prospera Private Wealth LLC Acquires Shares of 790 Royal Bank of Canada (NYSE:RY)

Prospera Private Wealth LLC bought a new position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) during the third quarter, HoldingsChannel reports. The institutional investor bought 790 shares of the financial services provider’s stock, valued at approximately $99,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. 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 valued at $2,141,681,000 after buying an additional 2,901,033 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of Royal Bank of Canada by 0.9% during the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock valued at $1,706,833,000 after buying an additional 124,348 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Royal Bank of Canada by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 12,127,506 shares of the financial services provider’s stock valued at $1,289,274,000 after purchasing an additional 256,023 shares during the last quarter. Legal & General Group Plc lifted its position 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 purchasing an additional 190,341 shares during the last quarter. Finally, Fiera Capital Corp boosted its stake in Royal Bank of Canada by 3.7% during the 3rd quarter. Fiera Capital Corp now owns 4,759,385 shares of the financial services provider’s stock valued at $594,791,000 after purchasing an additional 171,125 shares during the period. Institutional investors and hedge funds own 45.31% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday. Finally, BMO Capital Markets increased their price objective 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock opened at $125.09 on Friday. Royal Bank of Canada has a 52 week low of $85.02 and a 52 week high of $126.96. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock has a market cap of $176.84 billion, a PE ratio of 15.13, a price-to-earnings-growth ratio of 1.88 and a beta of 0.86. The company’s 50-day moving average price is $123.36 and its two-hundred day moving average price is $114.40.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. The business had revenue of $10.68 billion for the quarter, compared to the consensus estimate of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. As a group, sell-side analysts anticipate that Royal Bank of Canada will post 8.88 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be paid a dividend of $1.028 per share. This represents a $4.11 annualized dividend and a dividend yield of 3.29%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is presently 50.79%.

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.