Custom Index Systems LLC Purchases New Stake in Royal Bank of Canada (NYSE:RY)

by · The Markets Daily

Custom Index Systems LLC acquired a new position in Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,647 shares of the financial services provider’s stock, valued at approximately $330,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Orion Portfolio Solutions LLC lifted its position in shares of Royal Bank of Canada by 47.4% during the 1st quarter. Orion Portfolio Solutions LLC now owns 16,494 shares of the financial services provider’s stock valued at $1,664,000 after buying an additional 5,302 shares during the last quarter. UniSuper Management Pty Ltd lifted its holdings in Royal Bank of Canada by 91.3% during the first quarter. UniSuper Management Pty Ltd now owns 19,900 shares of the financial services provider’s stock valued at $2,008,000 after purchasing an additional 9,500 shares during the last quarter. Legal & General Group Plc boosted its position in Royal Bank of Canada by 1.8% during the second 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 period. Maryland State Retirement & Pension System increased its stake in shares of Royal Bank of Canada by 53.0% in the first quarter. Maryland State Retirement & Pension System now owns 73,036 shares of the financial services provider’s stock worth $7,038,000 after purchasing an additional 25,299 shares in the last quarter. Finally, Creative Planning raised its position in shares of Royal Bank of Canada by 6.4% in the third quarter. Creative Planning now owns 211,411 shares of the financial services provider’s stock valued at $26,369,000 after purchasing an additional 12,693 shares during the period. Institutional investors own 45.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on RY. BMO Capital Markets raised their price objective on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. UBS Group initiated coverage on Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a “buy” rating for the company. Finally, StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Royal Bank of Canada has a consensus rating of “Moderate Buy” and an average price target of $142.50.

Get Our Latest Stock Analysis on RY

Royal Bank of Canada Stock Down 0.9 %

RY opened at $122.46 on Monday. The firm has a market capitalization of $173.29 billion, a P/E ratio of 15.19, a price-to-earnings-growth ratio of 2.05 and a beta of 0.86. Royal Bank of Canada has a one year low of $77.90 and a one year high of $126.96. The company has a fifty day moving average price of $121.75 and a 200-day moving average price of $111.30. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87.

Royal Bank of Canada (NYSE:RY – Get Free Report) (TSE:RY) last posted its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, topping 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 return on equity of 15.17% and a net margin of 12.28%. Equities research analysts expect that Royal Bank of Canada will post 8.91 earnings per share 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. This represents a $4.11 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is 51.99%.

Royal Bank of Canada Profile

(Free Report)

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.

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