Independent Advisor Alliance Has $2.15 Million Stock Position in Royal Bank of Canada (NYSE:RY)

Independent Advisor Alliance trimmed its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 26.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,234 shares of the financial services provider’s stock after selling 6,073 shares during the quarter. Independent Advisor Alliance’s holdings in Royal Bank of Canada were worth $2,150,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the stock. National Bank of Canada FI boosted its holdings in Royal Bank of Canada by 16.7% during the second quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after purchasing an additional 2,901,033 shares in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Royal Bank of Canada by 0.9% in the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock worth $1,706,833,000 after acquiring an additional 124,348 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Royal Bank of Canada by 2.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,127,506 shares of the financial services provider’s stock worth $1,289,274,000 after acquiring an additional 256,023 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Royal Bank of Canada by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock worth $1,118,150,000 after acquiring an additional 190,341 shares in the last quarter. Finally, Fiera Capital Corp boosted its holdings in shares of Royal Bank of Canada by 3.7% in the 3rd quarter. Fiera Capital Corp now owns 4,759,385 shares of the financial services provider’s stock worth $594,791,000 after acquiring an additional 171,125 shares in the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on RY. BMO Capital Markets boosted their target price on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Barclays raised Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. Finally, TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $142.50.

Royal Bank of Canada Stock Performance

RY stock opened at $124.30 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The company has a 50 day moving average price of $123.41 and a 200 day moving average price of $114.89. Royal Bank of Canada has a fifty-two week low of $85.02 and a fifty-two week high of $126.96. The stock has a market capitalization of $175.72 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 1.93 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The firm had revenue of $10.68 billion during the quarter, compared to analysts’ expectations of $10.40 billion. Analysts forecast that Royal Bank of Canada will post 8.37 EPS for the current year.

Royal Bank of Canada Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th were given a dividend of $1.028 per share. This represents a $4.11 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend was Thursday, October 24th. Royal Bank of Canada’s payout ratio is 50.79%.

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.