First Citizens Bank & Trust Co. Has $488,000 Position in Royal Bank of Canada (RY)

First Citizens Bank & Trust Co. boosted its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 39.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,095 shares of the financial services provider’s stock after purchasing an additional 1,739 shares during the period. First Citizens Bank & Trust Co.’s holdings in Royal Bank of Canada were worth $488,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Advisors Asset Management Inc. raised its stake in shares of Royal Bank of Canada by 148.4% in the second quarter. Advisors Asset Management Inc. now owns 1,843 shares of the financial services provider’s stock worth $142,000 after acquiring an additional 1,101 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in shares of Royal Bank of Canada in the second quarter worth about $154,000. Tuttle Tactical Management bought a new position in shares of Royal Bank of Canada in the second quarter worth about $203,000. Moloney Securities Asset Management LLC bought a new position in shares of Royal Bank of Canada in the second quarter worth about $222,000. Finally, New England Asset Management Inc. bought a new position in shares of Royal Bank of Canada in the second quarter worth about $223,000. 39.76% of the stock is owned by hedge funds and other institutional investors.

RY opened at $75.46 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.13. The company has a market cap of $110.74 billion, a P/E ratio of 12.45, a price-to-earnings-growth ratio of 1.53 and a beta of 1.15. Royal Bank of Canada has a fifty-two week low of $73.92 and a fifty-two week high of $87.10.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Wednesday, August 22nd. The financial services provider reported $1.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.62 by $0.04. The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.39 billion. Royal Bank of Canada had a net margin of 21.48% and a return on equity of 18.11%. On average, equities research analysts anticipate that Royal Bank of Canada will post 6.55 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 23rd. Investors of record on Thursday, October 25th will be paid a dividend of $0.753 per share. This represents a $3.01 dividend on an annualized basis and a dividend yield of 3.99%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.73. The ex-dividend date is Wednesday, October 24th. Royal Bank of Canada’s payout ratio is 47.19%.

A number of equities analysts have weighed in on RY shares. Scotiabank raised shares of Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research note on Monday, September 10th. Scotia Howard Weill raised shares of Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, September 10th. Howard Weil raised shares of Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research note on Monday, September 10th. Zacks Investment Research downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Tuesday, August 14th. Finally, ValuEngine downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $97.20.

Royal Bank of Canada Profile

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

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Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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