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

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

A number of other institutional investors have also recently bought and sold shares of RY. National Bank of Canada FI raised 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 buying an additional 2,901,033 shares in the last quarter. International Assets Investment Management LLC bought a new position in Royal Bank of Canada during the third quarter valued at about $153,217,000. MUFG Securities EMEA plc bought a new position in Royal Bank of Canada during the second quarter valued at about $29,254,000. The Manufacturers Life Insurance Company raised its holdings in Royal Bank of Canada by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 12,127,506 shares of the financial services provider’s stock valued at $1,289,274,000 after buying an additional 256,023 shares in the last quarter. Finally, Legal & General Group Plc raised its holdings in Royal Bank of Canada by 1.8% during the second quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock valued at $1,118,150,000 after buying an additional 190,341 shares in the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Stock Down 0.6 %

RY stock opened at $124.30 on Tuesday. Royal Bank of Canada has a twelve month low of $85.02 and a twelve month high of $126.96. The company has a market cap 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. The business’s 50-day simple moving average is $123.41 and its 200 day simple moving average is $114.89. 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 released its 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 business had revenue of $10.68 billion for the quarter, compared to the consensus estimate of $10.40 billion. On average, research analysts anticipate that Royal Bank of Canada will post 8.37 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

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

Analysts Set New Price Targets

RY has been the topic of a number of recent analyst reports. BMO Capital Markets lifted their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. Finally, TD Securities lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target 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.