Summerhill Capital Management lnc. Has $5.90 Million Holdings in Royal Bank of Canada (NYSE:RY)

Summerhill Capital Management lnc. decreased its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 4.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 55,464 shares of the financial services provider’s stock after selling 2,459 shares during the quarter. Royal Bank of Canada accounts for about 4.2% of Summerhill Capital Management lnc.’s portfolio, making the stock its 12th largest position. Summerhill Capital Management lnc.’s holdings in Royal Bank of Canada were worth $5,902,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Shell Asset Management Co. grew its holdings in Royal Bank of Canada by 3.8% during the first quarter. Shell Asset Management Co. now owns 2,711 shares of the financial services provider’s stock valued at $274,000 after purchasing an additional 100 shares during the period. HB Wealth Management LLC boosted its stake in Royal Bank of Canada by 1.9% in the 2nd quarter. HB Wealth Management LLC now owns 5,287 shares of the financial services provider’s stock worth $562,000 after purchasing an additional 100 shares during the period. Muirfield Wealth Advisors LLC increased its holdings in Royal Bank of Canada by 0.6% during the 2nd quarter. Muirfield Wealth Advisors LLC now owns 16,437 shares of the financial services provider’s stock worth $1,749,000 after purchasing an additional 101 shares in the last quarter. Sollinda Capital Management LLC raised its stake in shares of Royal Bank of Canada by 2.8% in the 2nd quarter. Sollinda Capital Management LLC now owns 3,674 shares of the financial services provider’s stock valued at $391,000 after purchasing an additional 101 shares during the period. Finally, Certuity LLC lifted its holdings in shares of Royal Bank of Canada by 5.1% in the second quarter. Certuity LLC now owns 2,177 shares of the financial services provider’s stock valued at $232,000 after purchasing an additional 106 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. BMO Capital Markets lifted their target price on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. UBS Group initiated coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating for the company. Argus upped their price objective on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. Finally, StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Stock Down 0.3 %

Shares of RY opened at $123.59 on Monday. The firm has a market cap of $174.89 billion, a P/E ratio of 15.33, a price-to-earnings-growth ratio of 2.01 and a beta of 0.86. 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 has a 52 week low of $77.90 and a 52 week high of $124.31. The firm’s 50-day simple moving average is $113.60 and its 200 day simple moving average is $106.31.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders 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 3.33%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s payout ratio is 51.49%.

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.