Belpointe Asset Management LLC Lowers Stock Position in Royal Bank of Canada (NYSE:RY)

Belpointe Asset Management LLC cut its position in shares of Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) by 42.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,840 shares of the financial services provider’s stock after selling 1,361 shares during the period. Belpointe Asset Management LLC’s holdings in Royal Bank of Canada were worth $203,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in RY. 1832 Asset Management L.P. lifted its holdings in Royal Bank of Canada by 1.4% during the fourth quarter. 1832 Asset Management L.P. now owns 17,771,974 shares of the financial services provider’s stock valued at $1,890,293,000 after purchasing an additional 249,205 shares in the last quarter. Norges Bank purchased a new position in Royal Bank of Canada during the fourth quarter valued at $1,635,969,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Royal Bank of Canada by 9.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 6,932,690 shares of the financial services provider’s stock valued at $736,334,000 after purchasing an additional 577,839 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Royal Bank of Canada by 2.5% during the fourth quarter. JPMorgan Chase & Co. now owns 5,028,019 shares of the financial services provider’s stock valued at $533,673,000 after purchasing an additional 120,571 shares in the last quarter. Finally, Alberta Investment Management Corp lifted its holdings in Royal Bank of Canada by 38.4% during the fourth quarter. Alberta Investment Management Corp now owns 4,159,663 shares of the financial services provider’s stock valued at $442,097,000 after purchasing an additional 1,154,200 shares in the last quarter. 41.50% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RY. Stifel Nicolaus decreased their price objective on shares of Royal Bank of Canada from C$152.00 to C$150.00 in a report on Friday, April 8th. Scotiabank decreased their price objective on shares of Royal Bank of Canada from C$150.00 to C$147.00 in a report on Friday, May 20th. Argus increased their target price on shares of Royal Bank of Canada from $121.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 6th. National Bank Financial increased their target price on shares of Royal Bank of Canada from C$147.00 to C$148.00 in a research report on Friday, May 27th. Finally, TD Securities reduced their target price on shares of Royal Bank of Canada from C$150.00 to C$145.00 in a research report on Friday, May 27th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $143.84.

Royal Bank of Canada Price Performance

Royal Bank of Canada stock opened at $96.06 on Thursday. Royal Bank of Canada has a 12-month low of $90.75 and a 12-month high of $119.41. The stock has a market cap of $134.75 billion, a P/E ratio of 10.51, a PEG ratio of 2.04 and a beta of 0.90. The company has a 50-day moving average price of $98.74 and a 200 day moving average price of $106.14. 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 (NYSE:RY – Get Rating) (TSE:RY) last released its quarterly earnings data on Thursday, May 26th. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.28. Royal Bank of Canada had a net margin of 28.54% and a return on equity of 17.97%. The firm had revenue of $8.86 billion during the quarter. Sell-side analysts anticipate that Royal Bank of Canada will post 8.9 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The business also recently declared 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. The ex-dividend date is Monday, July 25th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.94. This represents a $3.98 dividend on an annualized basis and a dividend yield of 4.14%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 42.01%.

Royal Bank of Canada Profile

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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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