Tuttle Capital Management LLC Raises Holdings in Royal Bank of Canada (NYSE:RY)

Tuttle Capital Management LLC grew its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 31.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,480 shares of the financial services provider’s stock after buying an additional 1,065 shares during the period. Royal Bank of Canada accounts for 2.4% of Tuttle Capital Management LLC’s investment portfolio, making the stock its 19th largest position. Tuttle Capital Management LLC’s holdings in Royal Bank of Canada were worth $505,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in shares of Royal Bank of Canada by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider’s stock valued at $427,589,000 after buying an additional 64,450 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Royal Bank of Canada during the 4th quarter worth about $60,034,000. Wealth High Governance Capital Ltda purchased a new stake in Royal Bank of Canada during the 4th quarter worth about $10,243,000. Jones Financial Companies Lllp lifted its holdings in Royal Bank of Canada by 1,322.0% during the 4th quarter. Jones Financial Companies Lllp now owns 4,010 shares of the financial services provider’s stock worth $483,000 after purchasing an additional 3,728 shares in the last quarter. Finally, Unigestion Holding SA lifted its holdings in Royal Bank of Canada by 48.7% during the 1st quarter. Unigestion Holding SA now owns 210,566 shares of the financial services provider’s stock worth $23,705,000 after purchasing an additional 68,939 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

Shares of NYSE RY opened at $127.80 on Friday. The firm has a market capitalization of $180.27 billion, a P/E ratio of 15.47, a P/E/G ratio of 1.80 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The stock’s 50-day simple moving average is $121.79 and its two-hundred day simple moving average is $119.93. Royal Bank of Canada has a twelve month low of $102.52 and a twelve month high of $129.46.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, May 29th. The financial services provider reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.25 by ($0.05). The business had revenue of $11.38 billion during the quarter, compared to the consensus estimate of $15.77 billion. Royal Bank of Canada had a return on equity of 15.26% and a net margin of 12.08%. Royal Bank of Canada’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.92 earnings per share. As a group, equities analysts anticipate that Royal Bank of Canada will post 9.16 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Shareholders of record on Thursday, July 24th will be paid a $1.1152 dividend. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. This represents a $4.46 dividend on an annualized basis and a yield of 3.49%. The ex-dividend date is Thursday, July 24th. Royal Bank of Canada’s dividend payout ratio is currently 49.78%.

Analysts Set New Price Targets

A number of analysts recently issued reports on RY shares. National Bank Financial cut Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a report on Friday, May 30th. Barclays reissued an “overweight” rating on shares of Royal Bank of Canada in a report on Monday, June 9th. Wall Street Zen cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, May 31st. Cibc World Mkts raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 3rd. Finally, CIBC reissued an “outperform” rating on shares of Royal Bank of Canada in a report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $193.00.

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.