Apollon Wealth Management LLC Sells 170 Shares of Royal Bank of Canada (NYSE:RY)

Apollon Wealth Management LLC decreased its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 4.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,863 shares of the financial services provider’s stock after selling 170 shares during the period. Apollon Wealth Management LLC’s holdings in Royal Bank of Canada were worth $482,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RY. Capital Performance Advisors LLP bought a new position in Royal Bank of Canada in the third quarter valued at approximately $25,000. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Royal Bank of Canada by 110.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock valued at $28,000 after buying an additional 118 shares in the last quarter. Grove Bank & Trust bought a new position in shares of Royal Bank of Canada in the third quarter valued at $28,000. Ridgewood Investments LLC bought a new stake in Royal Bank of Canada during the second quarter worth $27,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Royal Bank of Canada in the second quarter valued at $33,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Trading Down 0.8 %

Shares of RY stock opened at $121.47 on Friday. Royal Bank of Canada has a 12-month low of $85.02 and a 12-month high of $126.96. The company has a market capitalization of $171.72 billion, a PE ratio of 14.69, a price-to-earnings-growth ratio of 1.89 and a beta of 0.86. The firm has a 50 day moving average price of $123.37 and a two-hundred day moving average price of $113.72. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12.

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

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be paid a $1.028 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.39%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.79%.

Analyst Upgrades and Downgrades

RY has been the topic of several recent analyst reports. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. BMO Capital Markets upped their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada 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.