Russell Investments Group Ltd. Buys 190,034 Shares of Royal Bank of Canada (RY)

Russell Investments Group Ltd. lifted its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 10.5% during the third quarter, Holdings Channel reports. The institutional investor owned 1,991,629 shares of the financial services provider’s stock after acquiring an additional 190,034 shares during the quarter. Russell Investments Group Ltd.’s holdings in Royal Bank of Canada were worth $158,430,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Toronto Dominion Bank boosted its position in Royal Bank of Canada by 58.3% during the second quarter. Toronto Dominion Bank now owns 19,886,624 shares of the financial services provider’s stock worth $1,514,311,000 after purchasing an additional 7,326,711 shares in the last quarter. Beutel Goodman & Co Ltd. boosted its position in Royal Bank of Canada by 2.5% during the second quarter. Beutel Goodman & Co Ltd. now owns 18,504,183 shares of the financial services provider’s stock worth $1,393,575,000 after purchasing an additional 443,292 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in Royal Bank of Canada by 0.4% during the second quarter. Great West Life Assurance Co. Can now owns 12,819,314 shares of the financial services provider’s stock worth $968,329,000 after purchasing an additional 45,276 shares in the last quarter. Bank of Nova Scotia boosted its position in Royal Bank of Canada by 3.3% during the second quarter. Bank of Nova Scotia now owns 11,034,045 shares of the financial services provider’s stock worth $830,067,000 after purchasing an additional 357,200 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its position in Royal Bank of Canada by 5.4% during the second quarter. Acadian Asset Management LLC now owns 7,245,937 shares of the financial services provider’s stock worth $545,267,000 after purchasing an additional 368,835 shares in the last quarter. Hedge funds and other institutional investors own 40.04% of the company’s stock.

A number of brokerages have issued reports on RY. Zacks Investment Research upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Saturday, June 30th. ValuEngine upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Howard Weil upgraded Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, September 10th. Scotia Howard Weill upgraded Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, September 10th. Finally, Scotiabank upgraded Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report on Monday, September 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. Royal Bank of Canada currently has a consensus rating of “Hold” and an average target price of $97.20.



Shares of Royal Bank of Canada stock traded down $0.44 during mid-day trading on Friday, reaching $72.04. 51,712 shares of the stock traded hands, compared to its average volume of 732,226. Royal Bank of Canada has a fifty-two week low of $72.09 and a fifty-two week high of $87.10. The stock has a market capitalization of $108.11 billion, a P/E ratio of 11.84, a PEG ratio of 1.49 and a beta of 1.15. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, August 22nd. The financial services provider reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.04. Royal Bank of Canada had a return on equity of 18.11% and a net margin of 21.48%. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.39 billion. As a group, research analysts anticipate that Royal Bank of Canada will post 6.55 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Thursday, October 25th will be issued a dividend of $0.753 per share. The ex-dividend date is Wednesday, October 24th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.18%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.73. Royal Bank of Canada’s dividend payout ratio is presently 47.19%.

About Royal Bank of Canada

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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