Forsta AP Fonden Purchases 32,900 Shares of Royal Bank of Canada (NYSE:RY)

Forsta AP Fonden increased its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 10.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 343,500 shares of the financial services provider’s stock after acquiring an additional 32,900 shares during the period. Forsta AP Fonden’s holdings in Royal Bank of Canada were worth $42,920,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Ridgewood Investments LLC bought a new stake in shares of Royal Bank of Canada during the 2nd quarter worth $27,000. Grove Bank & Trust bought a new stake in Royal Bank of Canada in the third quarter worth about $28,000. Whittier Trust Co. of Nevada Inc. boosted its stake in Royal Bank of Canada by 110.3% in the third 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. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Royal Bank of Canada during the 2nd quarter worth approximately $33,000. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Royal Bank of Canada by 293.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 379 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Trading Down 0.9 %

Shares of NYSE:RY traded down $1.07 during trading on Friday, reaching $122.46. 3,608,422 shares of the company traded hands, compared to its average volume of 1,074,674. 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 has a 52-week low of $77.90 and a 52-week high of $126.96. The firm has a market capitalization of $173.29 billion, a price-to-earnings ratio of 15.19, a P/E/G ratio of 2.05 and a beta of 0.86. The business’s fifty day moving average is $121.75 and its 200-day moving average is $111.17.

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 (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $10.68 billion for the quarter, compared to analyst estimates of $10.40 billion. As a group, analysts forecast that Royal Bank of Canada will post 8.91 EPS for the current year.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be issued a dividend of $1.028 per share. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.36%. Royal Bank of Canada’s dividend payout ratio is presently 51.99%.

Analyst Ratings Changes

A number of research firms have issued reports on RY. BMO Capital Markets raised their target price on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. Finally, UBS Group initiated coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They set a “buy” rating for the company. One analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $142.50.

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.