Assetmark Inc. Acquires 2,767 Shares of Royal Bank of Canada (NYSE:RY)

Assetmark Inc. increased its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 274.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,775 shares of the financial services provider’s stock after purchasing an additional 2,767 shares during the quarter. Assetmark Inc.’s holdings in Royal Bank of Canada were worth $471,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of RY. Vanguard Group Inc. raised its holdings in Royal Bank of Canada by 1.8% during the first quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock worth $5,618,566,000 after buying an additional 964,898 shares during the last quarter. National Bank of Canada FI grew its holdings in shares of Royal Bank of Canada by 16.7% in the second quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock worth $2,141,681,000 after purchasing an additional 2,901,033 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Royal Bank of Canada by 2.2% during the 2nd 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 buying an additional 256,023 shares in the last quarter. Legal & General Group Plc raised its position in shares of 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 worth $1,118,150,000 after purchasing an additional 190,341 shares during the last quarter. Finally, Capital World Investors raised its position in Royal Bank of Canada by 75.0% in the 1st quarter. Capital World Investors now owns 6,320,246 shares of the financial services provider’s stock worth $637,460,000 after buying an additional 2,708,534 shares during the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Analysts Set New Price Targets

RY has been the subject of a number of recent research reports. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. BMO Capital Markets raised their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Finally, TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday. One equities 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, Royal Bank of Canada presently has an average rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Price Performance

Shares of NYSE:RY opened at $121.48 on Friday. The stock has a fifty day moving average of $123.36 and a 200-day moving average of $113.56. The company has a market capitalization of $171.73 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.89 and a beta of 0.86. Royal Bank of Canada has a one year low of $85.02 and a one year 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 released its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.23. The business had revenue of $10.68 billion during the quarter, compared to analysts’ expectations 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, equities 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. Investors of record on Thursday, October 24th will be given a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 annualized dividend and a yield of 3.38%. Royal Bank of Canada’s dividend payout ratio is currently 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.