Truist Financial Corp reduced its position in shares of Royal Bank of Canada (NYSE: RY – Get a rating) (TSE:RY) by 7.7% in Q1, according to its most recent Form 13F filed with the Securities and Exchange Commission. The company held 89,137 shares of the financial services provider after selling 7,418 shares during the quarter. Truist Financial Corp’s holdings in Royal Bank of Canada were worth $9,829,000 at the end of the last quarter.
A number of other institutional investors have also recently changed their positions in the company. Norges Bank bought a new position in shares of Royal Bank of Canada in the 4th quarter for a value of approximately $1,635,969,000. National Bank of Canada FI bought a new position in shares of Royal Bank of Canada in the 4th quarter at a value of approximately $460,138,000. Alberta Investment Management Corp raised its position in Royal Bank of Canada shares by 38.4% in the fourth quarter. Alberta Investment Management Corp now owns 4,159,663 shares of the financial services provider worth $442,097,000 after buying an additional 1,154,200 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Royal Bank of Canada in the 4th quarter for a value of approximately $67,874,000. Finally, Schroder Investment Management Group increased its position in Royal Bank of Canada shares by 113.7% in the 4th quarter. Schroder Investment Management Group now owns 1,086,782 shares of the financial services provider worth $145,901,000 after buying an additional 578,167 shares in the last quarter. 41.50% of the shares are held by institutional investors and hedge funds.
Royal Bank of Canada Stocks opened at $97.92 on Tuesday. The company has a 50-day simple moving average of $99.51 and a two-hundred-day simple moving average of $106.67. The company has a market capitalization of $137.36 billion, a P/E ratio of 10.71, a P/E/G ratio of 2.16 and a beta of 0.90. Royal Bank of Canada has a 52-week low of $94.23 and a 52-week high of $119.41. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt ratio of 0.11.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 24. Shareholders of record on Tuesday, July 26 will receive a dividend of $0.995 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.94. This represents a dividend of $3.98 on an annualized basis and a dividend yield of 4.06%. The ex-dividend date is Monday, July 25. Royal Bank of Canada’s payout ratio is currently 42.01%.
Several stock analysts have recently released reports on the company. BMO Capital Markets lowered its price target on Royal Bank of Canada from C$142.00 to C$140.00 in a research report on Friday, May 27. Scotiabank reduced its price target on Royal Bank of Canada from C$150.00 to C$147.00 in a Friday, May 20 report. Credit Suisse Group reduced its price target on Royal Bank of Canada from CA$153.00 to CA$152.00 in a Friday, May 27 report. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a report released Friday, July 1. Finally, Argus raised its price target on Royal Bank of Canada from $121.00 to $125.00 and gave the stock a “buy” rating in a Monday, June 6 report. One equity research analyst gave the stock a sell rating, five gave the company a hold rating and ten gave the company a buy rating. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $143.84.
Profile of Royal Bank of Canada (Get a rating)
Royal Bank of Canada is a globally diversified financial services company. The Company’s Personal and Commercial Banking segment offers checking and savings accounts, home equity financing, personal loans, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, commercial products and services to small and medium commercial enterprises.
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