Cumberland Partners Ltd Increases Stake in Royal Bank of Canada (NYSE:RY)

Cumberland Partners Ltd raised its stake in Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) by 0.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 584,340 shares of the financial services provider’s stock after acquiring an additional 1,418 shares during the period. Royal Bank of Canada accounts for about 4.9% of Cumberland Partners Ltd’s holdings, making the stock its biggest holding. Cumberland Partners Ltd’s holdings in Royal Bank of Canada were worth $64,405,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in RY. Allegheny Financial Group LTD acquired a new position in Royal Bank of Canada during the fourth quarter worth $48,000. JFS Wealth Advisors LLC increased its holdings in shares of Royal Bank of Canada by 272.4% in the first quarter. JFS Wealth Advisors LLC now owns 473 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 346 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new position in shares of Royal Bank of Canada in the first quarter valued at $55,000. SRS Capital Advisors Inc. increased its holdings in shares of Royal Bank of Canada by 15.9% in the fourth quarter. SRS Capital Advisors Inc. now owns 751 shares of the financial services provider’s stock valued at $80,000 after purchasing an additional 103 shares during the last quarter. Finally, Herold Advisors Inc. acquired a new position in shares of Royal Bank of Canada in the first quarter valued at about $89,000. Institutional investors own 41.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, July 1st. Argus upped their price target on shares of Royal Bank of Canada from $121.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 6th. Keefe, Bruyette & Woods cut shares of Royal Bank of Canada from a “market perform” rating to an “underperform” rating and cut their price objective for the stock from C$132.00 to C$118.00 in a research report on Monday, August 8th. Credit Suisse Group cut their price objective on shares of Royal Bank of Canada from C$153.00 to C$152.00 in a research report on Friday, May 27th. Finally, National Bank Financial cut their price objective on shares of Royal Bank of Canada from C$148.00 to C$147.00 in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $142.05.

Royal Bank of Canada Trading Down 1.2 %

NYSE:RY traded down $1.20 on Wednesday, reaching $99.50. 12,919 shares of the stock traded hands, compared to its average volume of 814,738. The firm has a market capitalization of $138.76 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 2.19 and a beta of 0.87. The company’s 50 day moving average is $97.22 and its 200-day moving average is $103.98. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 1-year low of $90.75 and a 1-year high of $119.41.

Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) last released its earnings results on Thursday, May 26th. The financial services provider reported $2.36 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.28. The business had revenue of $8.86 billion during the quarter. Royal Bank of Canada had a net margin of 28.54% and a return on equity of 17.97%. Equities research analysts anticipate that Royal Bank of Canada will post 8.84 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 24th. Shareholders of record on Tuesday, July 26th will be given a dividend of $0.995 per share. This represents a $3.98 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date is Monday, July 25th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.94. Royal Bank of Canada’s dividend payout ratio is currently 43.54%.

Royal Bank of Canada Company Profile

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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