Royal Bank of Canada (NYSE:RY) Shares Bought by CIBC Asset Management Inc

CIBC Asset Management Inc raised its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,622,472 shares of the financial services provider’s stock after acquiring an additional 124,348 shares during the period. Royal Bank of Canada makes up about 5.5% of CIBC Asset Management Inc’s portfolio, making the stock its biggest holding. CIBC Asset Management Inc owned approximately 0.96% of Royal Bank of Canada worth $1,706,833,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. OneDigital Investment Advisors LLC lifted its holdings in Royal Bank of Canada by 4.8% in the third quarter. OneDigital Investment Advisors LLC now owns 2,508 shares of the financial services provider’s stock valued at $313,000 after buying an additional 115 shares during the period. Plato Investment Management Ltd purchased a new position in shares of Royal Bank of Canada in the 3rd quarter worth approximately $3,106,000. MQS Management LLC bought a new position in Royal Bank of Canada in the 3rd quarter valued at $844,000. Hamel Associates Inc. purchased a new stake in shares of Royal Bank of Canada during the 3rd quarter valued at $206,000. Finally, Community Bank & Trust Waco Texas raised its stake in shares of Royal Bank of Canada by 44.9% during the 3rd quarter. Community Bank & Trust Waco Texas now owns 5,239 shares of the financial services provider’s stock worth $653,000 after purchasing an additional 1,623 shares during the period. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Performance

NYSE RY opened at $122.39 on Friday. The company’s 50 day moving average is $123.34 and its 200-day moving average is $113.49. The firm has a market cap of $173.02 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 1.89 and a beta of 0.86. Royal Bank of Canada has a 12-month low of $85.02 and a 12-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.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $10.40 billion. Sell-side analysts predict that Royal Bank of Canada will post 8.88 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.36%. Royal Bank of Canada’s payout ratio is currently 50.79%.

Analyst Upgrades and Downgrades

RY has been the subject of a number of research analyst reports. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. BMO Capital Markets upped their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Company 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.