Ninepoint Partners LP Takes Position in Royal Bank Of Canada $RY

Ninepoint Partners LP purchased a new stake in Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 143,827 shares of the financial services provider’s stock, valued at approximately $29,768,000. Royal Bank Of Canada accounts for approximately 2.3% of Ninepoint Partners LP’s holdings, making the stock its 9th largest holding.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. HighTower Advisors LLC lifted its position in Royal Bank Of Canada by 18.5% during the fourth quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider’s stock worth $16,407,000 after purchasing an additional 15,046 shares during the period. Fisher Asset Management LLC increased its holdings in Royal Bank Of Canada by 6.1% in the 4th quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider’s stock valued at $1,086,601,000 after buying an additional 368,534 shares during the period. Rathbones Group PLC increased its holdings in Royal Bank Of Canada by 9.0% in the 4th quarter. Rathbones Group PLC now owns 325,014 shares of the financial services provider’s stock valued at $55,480,000 after buying an additional 26,782 shares during the period. Indivisible Partners acquired a new position in shares of Royal Bank Of Canada in the 4th quarter valued at approximately $7,335,000. Finally, MUFG Securities EMEA plc bought a new stake in shares of Royal Bank Of Canada during the 4th quarter worth approximately $49,450,000. Institutional investors own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

RY has been the topic of several analyst reports. Raymond James Financial lowered shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. Argus set a $225.00 price objective on shares of Royal Bank Of Canada in a research report on Thursday, June 11th. Weiss Ratings upgraded Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, July 29th. Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Finally, Canadian Imperial Bank of Commerce reiterated a “neutral” rating on shares of Royal Bank Of Canada in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Royal Bank Of Canada presently has a consensus rating of “Moderate Buy” and an average target price of $225.00.

Royal Bank Of Canada Stock Performance

NYSE RY opened at $205.27 on Friday. The firm’s fifty day moving average price is $208.46 and its two-hundred day moving average price is $186.53. The stock has a market cap of $284.63 billion, a PE ratio of 18.44, a PEG ratio of 1.64 and a beta of 0.80. Royal Bank Of Canada has a fifty-two week low of $135.92 and a fifty-two week high of $218.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.82 and a current ratio of 0.82.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The company had revenue of $12.84 billion during the quarter, compared to analysts’ expectations of $12.74 billion. During the same period in the prior year, the company earned $3.12 EPS. Royal Bank Of Canada’s revenue was up 11.4% compared to the same quarter last year. On average, equities analysts expect that Royal Bank Of Canada will post 11.47 EPS for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, July 27th will be given a $1.76 dividend. This is a boost from Royal Bank Of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 annualized dividend and a yield of 3.4%. The ex-dividend date is Monday, July 27th. Royal Bank Of Canada’s dividend payout ratio is 44.56%.

About Royal Bank Of Canada

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.