Addenda Capital Inc. Has $82.84 Million Stock Position in Royal Bank of Canada (NYSE:RY)

Addenda Capital Inc. lowered its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.8% during the first quarter, Holdings Channel.com reports. The firm owned 821,206 shares of the financial services provider’s stock after selling 14,813 shares during the quarter. Royal Bank of Canada makes up about 3.9% of Addenda Capital Inc.’s investment portfolio, making the stock its 4th biggest position. Addenda Capital Inc.’s holdings in Royal Bank of Canada were worth $82,843,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. LPL Financial LLC grew its position in shares of Royal Bank of Canada by 30.8% in the 3rd quarter. LPL Financial LLC now owns 108,500 shares of the financial services provider’s stock worth $9,487,000 after buying an additional 25,540 shares during the last quarter. Stifel Financial Corp grew its stake in Royal Bank of Canada by 3.9% during the 3rd quarter. Stifel Financial Corp now owns 21,680 shares of the financial services provider’s stock worth $1,896,000 after buying an additional 820 shares during the last quarter. Trexquant Investment LP acquired a new position in Royal Bank of Canada during the 3rd quarter valued at about $1,167,000. Bank of Nova Scotia raised its stake in Royal Bank of Canada by 13.0% in the third quarter. Bank of Nova Scotia now owns 26,666,961 shares of the financial services provider’s stock valued at $2,330,506,000 after buying an additional 3,062,038 shares during the last quarter. Finally, United Services Automobile Association boosted its holdings in Royal Bank of Canada by 3.4% in the third quarter. United Services Automobile Association now owns 236,285 shares of the financial services provider’s stock worth $20,649,000 after acquiring an additional 7,726 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on RY. Scotiabank raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. Argus raised their price target on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. Barclays began coverage on shares of Royal Bank of Canada in a report on Wednesday, March 20th. They set an “equal weight” rating on the stock. BMO Capital Markets cut Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 31st. Finally, StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, May 31st. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Royal Bank of Canada currently has a consensus rating of “Moderate Buy” and a consensus target price of $133.25.

Royal Bank of Canada Stock Performance

RY traded up $0.27 during midday trading on Friday, hitting $106.40. 632,918 shares of the company were exchanged, compared to its average volume of 1,094,020. The company’s 50 day simple moving average is $103.86 and its 200 day simple moving average is $100.67. The firm has a market capitalization of $150.56 billion, a price-to-earnings ratio of 13.20, a price-to-earnings-growth ratio of 1.66 and a beta of 0.87. Royal Bank of Canada has a 1-year low of $77.90 and a 1-year high of $109.51. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Thursday, May 30th. The financial services provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.12. Royal Bank of Canada had a return on equity of 14.87% and a net margin of 12.12%. The company had revenue of $10.43 billion during the quarter, compared to analysts’ expectations of $9.95 billion. As a group, sell-side analysts predict that Royal Bank of Canada will post 8.47 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Thursday, July 25th will be issued a dividend of $1.03 per share. The ex-dividend date is Thursday, July 25th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. This represents a $4.12 dividend on an annualized basis and a yield of 3.87%. Royal Bank of Canada’s dividend payout ratio is 50.62%.

About Royal Bank of Canada

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.