Cidel Asset Management Inc. Buys 244,633 Shares of Royal Bank of Canada (NYSE:RY)

Cidel Asset Management Inc. grew its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 14.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,889,441 shares of the financial services provider’s stock after acquiring an additional 244,633 shares during the quarter. Royal Bank of Canada comprises 7.8% of Cidel Asset Management Inc.’s holdings, making the stock its largest holding. Cidel Asset Management Inc. owned 0.13% of Royal Bank of Canada worth $191,629,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in RY. Manitou Investment Management Ltd. increased its position in shares of Royal Bank of Canada by 2.2% during the 1st quarter. Manitou Investment Management Ltd. now owns 192,735 shares of the financial services provider’s stock valued at $17,759,000 after purchasing an additional 4,200 shares during the last quarter. Cardinal Capital Management Inc. lifted its stake in shares of Royal Bank of Canada by 0.7% in the 2nd quarter. Cardinal Capital Management Inc. now owns 1,279,938 shares of the financial services provider’s stock valued at $129,547,000 after purchasing an additional 8,413 shares during the period. Waratah Capital Advisors Ltd. increased its position in Royal Bank of Canada by 2.4% during the 2nd quarter. Waratah Capital Advisors Ltd. now owns 102,938 shares of the financial services provider’s stock valued at $10,429,000 after buying an additional 2,399 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of Royal Bank of Canada by 3.3% in the 2nd quarter. Fifth Third Bancorp now owns 6,922 shares of the financial services provider’s stock worth $701,000 after purchasing an additional 221 shares in the last quarter. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Royal Bank of Canada by 56.0% in the first quarter. Rockefeller Capital Management L.P. now owns 15,239 shares of the financial services provider’s stock worth $1,404,000 after acquiring an additional 5,470 shares during the period. Institutional investors and hedge funds own 40.73% of the company’s stock.

Several analysts have recently commented on the company. BMO Capital Markets increased their price objective on Royal Bank of Canada from C$139.00 to C$142.00 and gave the company a “market perform” rating in a report on Thursday, August 26th. Canaccord Genuity raised their target price on Royal Bank of Canada from C$140.00 to C$143.00 and gave the company a “buy” rating in a research report on Thursday, August 26th. Desjardins raised their target price on Royal Bank of Canada from C$138.00 to C$141.00 and gave the company a “buy” rating in a research report on Friday, August 27th. Credit Suisse Group raised their price target on shares of Royal Bank of Canada from C$135.00 to C$140.00 and gave the company an “outperform” rating in a research note on Thursday, August 26th. Finally, Zacks Investment Research upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Saturday, August 28th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $133.98.

Shares of RY stock traded up $0.94 during trading on Wednesday, hitting $102.19. 34,311 shares of the company were exchanged, compared to its average volume of 1,134,459. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market capitalization of $145.62 billion, a price-to-earnings ratio of 12.21, a P/E/G ratio of 1.06 and a beta of 0.98. The business’s 50-day simple moving average is $102.35 and its 200 day simple moving average is $99.07. Royal Bank of Canada has a twelve month low of $67.78 and a twelve month high of $106.40.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Tuesday, August 24th. The financial services provider reported $3.00 EPS for the quarter, topping the consensus estimate of $2.16 by $0.84. The business had revenue of $10.38 billion during the quarter, compared to analysts’ expectations of $11.86 billion. Royal Bank of Canada had a net margin of 27.06% and a return on equity of 18.54%. During the same period last year, the company posted $2.20 earnings per share. On average, equities analysts forecast that Royal Bank of Canada will post 8.86 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 24th. Stockholders of record on Tuesday, October 26th will be paid a $0.858 dividend. This represents a $3.43 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Monday, October 25th. Royal Bank of Canada’s payout ratio is 58.68%.

Royal Bank of Canada Company Profile

Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.

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

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