SteelPeak Wealth LLC Purchases Shares of 1,778 Royal Bank of Canada (NYSE:RY)

SteelPeak Wealth LLC bought a new position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in the 3rd quarter, HoldingsChannel reports. The institutional investor bought 1,778 shares of the financial services provider’s stock, valued at approximately $222,000.

Several other large investors have also made changes to their positions in RY. National Bank of Canada FI grew its position in Royal Bank of Canada by 16.7% in the 2nd quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after acquiring an additional 2,901,033 shares in the last quarter. Capital World Investors boosted its stake in Royal Bank of Canada by 75.0% during the 1st quarter. Capital World Investors now owns 6,320,246 shares of the financial services provider’s stock worth $637,460,000 after purchasing an additional 2,708,534 shares during the period. Canada Pension Plan Investment Board boosted its stake in Royal Bank of Canada by 40.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 5,039,171 shares of the financial services provider’s stock worth $508,739,000 after purchasing an additional 1,452,127 shares during the period. International Assets Investment Management LLC acquired a new stake in Royal Bank of Canada during the 3rd quarter worth $153,217,000. Finally, Vanguard Group Inc. lifted its stake in shares of Royal Bank of Canada by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock worth $5,618,566,000 after acquiring an additional 964,898 shares during the period. 45.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. StockNews.com cut 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 raised their target price on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Stock Performance

Shares of NYSE RY opened at $121.87 on Friday. The company has a market cap of $172.28 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 2.02 and a beta of 0.86. Royal Bank of Canada has a 12 month low of $80.96 and a 12 month high of $126.96. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The company has a 50-day simple moving average of $122.68 and a 200-day simple moving average of $111.96.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. The business had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. On average, equities analysts anticipate that Royal Bank of Canada will post 8.91 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.37%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.79%.

About Royal Bank of Canada

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.