Pinnacle Associates Ltd. Buys 420 Shares of Royal Bank of Canada (NYSE:RY)

Pinnacle Associates Ltd. grew its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,645 shares of the financial services provider’s stock after acquiring an additional 420 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Royal Bank of Canada were worth $7,564,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Royal Bank of Canada by 110.3% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 118 shares during the last quarter. Grove Bank & Trust bought a new stake in shares of Royal Bank of Canada in the 3rd quarter valued at about $28,000. Ridgewood Investments LLC bought a new stake in shares of Royal Bank of Canada in the 2nd quarter valued at about $27,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Royal Bank of Canada in the 2nd quarter valued at approximately $33,000. Finally, Eastern Bank acquired a new position in shares of Royal Bank of Canada in the 3rd quarter valued at approximately $59,000. 45.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. BMO Capital Markets boosted their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Trading Up 0.1 %

NYSE:RY opened at $123.63 on Thursday. Royal Bank of Canada has a twelve month low of $79.12 and a twelve month high of $126.96. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. The business has a 50 day moving average price of $122.40 and a two-hundred day moving average price of $111.73. The company has a market cap of $174.77 billion, a P/E ratio of 14.95, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.23. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. The firm had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $10.40 billion. As a group, analysts expect that Royal Bank of Canada will post 8.91 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a $1.028 dividend. This represents a $4.11 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s payout ratio is presently 50.67%.

Royal Bank of Canada Profile

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.