Main Street Research LLC Invests $36.01 Million in Royal Bank Of Canada $RY

Main Street Research LLC purchased a new stake in Royal Bank Of Canada (NYSE:RY) (TSE:RY) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 222,568 shares of the financial services provider’s stock, valued at approximately $36,007,000. Royal Bank Of Canada makes up about 2.1% of Main Street Research LLC’s portfolio, making the stock its 26th biggest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RY. Harvest Fund Management Co. Ltd acquired a new stake in Royal Bank Of Canada during the 4th quarter valued at $25,000. Tradewinds Capital Management LLC purchased a new position in shares of Royal Bank Of Canada during the fourth quarter valued at $26,000. Key Financial Inc raised its position in Royal Bank Of Canada by 63.0% during the first quarter. Key Financial Inc now owns 163 shares of the financial services provider’s stock valued at $26,000 after buying an additional 63 shares during the period. Maseco LLP lifted its stake in Royal Bank Of Canada by 355.0% in the 1st quarter. Maseco LLP now owns 182 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 142 shares in the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in Royal Bank Of Canada during the 3rd quarter worth about $27,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on RY shares. Raymond James Financial downgraded Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research note on Monday, June 1st. Canadian Imperial Bank of Commerce reissued a “neutral” rating on shares of Royal Bank Of Canada in a research note on Friday, May 29th. Weiss Ratings downgraded shares of Royal Bank Of Canada from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Monday, June 29th. Finally, Argus set a $225.00 price objective on Royal Bank Of Canada in a report on Thursday, June 11th. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Royal Bank Of Canada currently has a consensus rating of “Moderate Buy” and an average target price of $225.00.

Royal Bank Of Canada Price Performance

NYSE RY opened at $208.58 on Friday. Royal Bank Of Canada has a fifty-two week low of $127.38 and a fifty-two week high of $209.64. The stock’s 50-day moving average is $193.99 and its two-hundred day moving average is $177.68. The firm has a market cap of $289.88 billion, a P/E ratio of 18.74, a price-to-earnings-growth ratio of 1.63 and a beta of 0.80. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.03. The company had revenue of $12.84 billion during the quarter, compared to the consensus estimate of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The firm’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.12 EPS. On average, analysts anticipate that Royal Bank Of Canada will post 11.45 earnings per share for the current fiscal year.

Royal Bank Of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, July 27th will be issued a $1.76 dividend. This is an increase from Royal Bank Of Canada’s previous quarterly dividend of $1.64. The ex-dividend date is Monday, July 27th. This represents a $7.04 annualized dividend and a yield of 3.4%. Royal Bank Of Canada’s dividend payout ratio is presently 42.41%.

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.