Addenda Capital Inc. Lowers Stake in Royal Bank of Canada (NYSE:RY)

Addenda Capital Inc. decreased its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 797,352 shares of the financial services provider’s stock after selling 23,854 shares during the period. Royal Bank of Canada comprises 4.1% of Addenda Capital Inc.’s portfolio, making the stock its biggest holding. Addenda Capital Inc. owned about 0.06% of Royal Bank of Canada worth $84,822,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Canoe Financial LP increased its position in shares of Royal Bank of Canada by 11,061.2% during the 4th quarter. Canoe Financial LP now owns 151,142,403 shares of the financial services provider’s stock worth $15,285,031,000 after purchasing an additional 149,788,224 shares in the last quarter. Vanguard Group Inc. grew its position in Royal Bank of Canada by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 55,695,544 shares of the financial services provider’s stock worth $5,618,566,000 after acquiring an additional 964,898 shares during the last quarter. TD Asset Management Inc increased its holdings in Royal Bank of Canada by 21.7% during the 4th quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock valued at $3,310,010,000 after purchasing an additional 5,810,077 shares in the last quarter. Bank of Nova Scotia raised its position in Royal Bank of Canada by 5.1% in the 4th quarter. Bank of Nova Scotia now owns 28,024,917 shares of the financial services provider’s stock valued at $2,834,219,000 after purchasing an additional 1,357,956 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Royal Bank of Canada by 5.4% in the fourth quarter. Mackenzie Financial Corp now owns 26,869,809 shares of the financial services provider’s stock worth $2,718,631,000 after purchasing an additional 1,369,723 shares in the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Up 0.8 %

Shares of NYSE RY traded up $0.91 during mid-day trading on Wednesday, hitting $110.39. The company had a trading volume of 601,026 shares, compared to its average volume of 1,103,822. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The firm has a 50-day simple moving average of $108.05 and a two-hundred day simple moving average of $102.99. The company has a market capitalization of $156.21 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.70 and a beta of 0.86. Royal Bank of Canada has a one year low of $77.90 and a one year high of $112.67.

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 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.12. The firm had revenue of $10.43 billion during the quarter, compared to analysts’ expectations of $9.95 billion. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%. On average, equities analysts expect that Royal Bank of Canada will post 8.58 EPS for the current year.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, July 25th will be issued a $1.03 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. This represents a $4.12 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend is Thursday, July 25th. Royal Bank of Canada’s payout ratio is currently 51.49%.

Wall Street Analyst Weigh In

RY has been the topic of several recent research reports. Argus raised their target price on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. 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 lowered shares of Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 31st. Scotiabank raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. Finally, Jefferies Financial Group raised shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada has an average rating of “Moderate Buy” and a consensus price target of $133.25.

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.