Northwestern Mutual Wealth Management Co. Makes New $5.81 Million Investment in Royal Bank Of Canada $RY

Northwestern Mutual Wealth Management Co. acquired a new stake in Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 28,086 shares of the financial services provider’s stock, valued at approximately $5,813,000.

Several other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Royal Bank Of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 67,628,463 shares of the financial services provider’s stock valued at $11,529,165,000 after acquiring an additional 1,290,142 shares during the last quarter. FIL Ltd boosted its position in Royal Bank Of Canada by 1.1% in the fourth quarter. FIL Ltd now owns 23,258,871 shares of the financial services provider’s stock worth $3,965,133,000 after purchasing an additional 255,465 shares during the last quarter. Norges Bank purchased a new position in Royal Bank Of Canada in the fourth quarter worth $3,472,382,000. Bank of Nova Scotia boosted its position in Royal Bank Of Canada by 1.6% in the fourth quarter. Bank of Nova Scotia now owns 15,233,532 shares of the financial services provider’s stock worth $2,596,904,000 after purchasing an additional 238,589 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Royal Bank Of Canada by 6.9% in the 4th quarter. Geode Capital Management LLC now owns 13,741,480 shares of the financial services provider’s stock valued at $2,389,773,000 after purchasing an additional 882,253 shares during the period. Institutional investors own 45.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RY shares. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Royal Bank Of Canada in a research report on Wednesday. Raymond James Financial downgraded shares of Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Weiss Ratings upgraded shares of Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday, July 29th. Barclays restated an “overweight” rating on shares of Royal Bank Of Canada in a report on Friday. Finally, TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Royal Bank Of Canada has an average rating of “Moderate Buy” and an average target price of $225.00.

Royal Bank Of Canada Stock Performance

NYSE RY opened at $204.86 on Monday. The firm has a market cap of $284.06 billion, a P/E ratio of 18.41, a price-to-earnings-growth ratio of 1.54 and a beta of 0.80. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average is $208.56 and its 200-day moving average is $186.79. Royal Bank Of Canada has a 12-month low of $135.97 and a 12-month high of $218.57.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Thursday, May 28th. The financial services provider reported $2.84 EPS for the quarter, topping the consensus estimate 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 business had revenue of $12.84 billion during the quarter, compared to the consensus estimate of $12.74 billion. During the same quarter last year, the company earned $3.12 EPS. The firm’s revenue was up 11.4% compared to the same quarter last year. Sell-side analysts predict that Royal Bank Of Canada will post 11.59 earnings per share for the current year.

Royal Bank Of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, July 27th will be issued a dividend of $1.76 per share. The ex-dividend date of this dividend is Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 3.4%. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.64. Royal Bank Of Canada’s payout ratio is presently 44.56%.

Royal Bank Of Canada Company Profile

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.