CIBC Asset Management Inc Raises Stock Position in Royal Bank of Canada (NYSE:RY)

CIBC Asset Management Inc lifted its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 13,622,472 shares of the financial services provider’s stock after acquiring an additional 124,348 shares during the period. Royal Bank of Canada makes up 5.5% of CIBC Asset Management Inc’s investment portfolio, making the stock its biggest position. CIBC Asset Management Inc’s holdings in Royal Bank of Canada were worth $1,706,833,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new stake in Royal Bank of Canada during the first quarter valued at about $86,000. Avantax Advisory Services Inc. increased its stake in Royal Bank of Canada by 2.4% in the 1st quarter. Avantax Advisory Services Inc. now owns 5,225 shares of the financial services provider’s stock worth $527,000 after purchasing an additional 124 shares during the period. Bleakley Financial Group LLC boosted its stake in shares of Royal Bank of Canada by 3.4% during the first quarter. Bleakley Financial Group LLC now owns 5,299 shares of the financial services provider’s stock valued at $535,000 after purchasing an additional 174 shares during the period. Orion Portfolio Solutions LLC grew its holdings in shares of Royal Bank of Canada by 47.4% in the first quarter. Orion Portfolio Solutions LLC now owns 16,494 shares of the financial services provider’s stock worth $1,664,000 after purchasing an additional 5,302 shares during the last quarter. Finally, Nwam LLC increased its stake in shares of Royal Bank of Canada by 6.1% in the first quarter. Nwam LLC now owns 3,746 shares of the financial services provider’s stock worth $378,000 after buying an additional 214 shares during the period. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock opened at $122.39 on Friday. Royal Bank of Canada has a 1 year low of $85.02 and a 1 year high of $126.96. The firm’s 50-day moving average is $123.34 and its 200 day moving average is $113.49. The stock has a market cap of $173.02 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 1.89 and a beta of 0.86. 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) (TSE:RY) last issued its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.23. The firm had revenue of $10.68 billion for 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%. Sell-side analysts anticipate that Royal Bank of Canada will post 8.88 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be issued a $1.028 dividend. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s payout ratio is 50.79%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RY shares. BMO Capital Markets boosted their price objective on shares of 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. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $142.50.

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.