Raymond James Financial Services Advisors Inc. buys 2,804 shares of Royal Bank of Canada (NYSE:RY)

VaselineAugust 23, 2024

0 4 minutes read

Raymond James Financial Services Advisors Inc. grew its holdings in Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) by 2.1% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 137,193 shares of the financial services provider’s stock after purchasing an additional 2,804 shares during the quarter. Holdings of Raymond James Financial Services Advisors Inc. in Royal Bank of Canada were worth $14,595,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the company. Canoe Financial LP increased its holdings in 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 valued at $15,285,031,000 after buying an additional 149,788,224 shares in the last quarter. Vanguard Group Inc. raised its holdings in Royal Bank of Canada by 1.8% in the first 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 period. TD Asset Management Inc boosted its stake in Royal Bank of Canada by 21.7% in the fourth quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock worth $3,310,010,000 after purchasing an additional 5,810,077 shares during the last quarter. Bank of Nova Scotia boosted its holdings 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 worth $2,834,219,000 after purchasing an additional 1,357,956 shares during the period. Finally, FIL Ltd raised its position in shares of Royal Bank of Canada by 1.8% during the 4th quarter. FIL Ltd now owns 18,790,164 shares of the financial services provider’s stock valued at $1,900,217,000. after buying an additional 333,333 shares in the last quarter. 45.31% of the shares are currently held by hedge funds and other institutional investors.

Analysts set new price targets

Several equities research analysts have recently issued reports on the company. UBS Group initiated coverage on Royal Bank of Canada in a research note on Tuesday, July 2nd. They set a “buy” rating for the company. Argus lifted their price target on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. BMO Capital Markets cut shares of Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research report 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 report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Royal Bank of Canada has an average rating of “Moderate Buy” and a consensus price target of $136.33, based on data from MarketBeat.

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Royal Bank of Canada trading up 0.3%

Shares of RY stock opened at $112.95 on Thursday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87, and a current ratio of 0.87. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $113.24. The firm has a 50-day moving average price of $108.71 and a 200-day moving average price of $103.53. The firm has a market cap of $159.83 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 1.75 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY – Get Your Free Report ) (TSE:RY) last posted its quarterly earnings results on Thursday, May 30th. The financial services provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.03 by $0.12. Royal Bank of Canada had a net margin of 12.12% and a return on equity of 14.87%. The business had revenue of $10.43 billion during the quarter, compared to the consensus estimate of $9.95 billion. As a group, equities research analysts forecast that Royal Bank of Canada will post 8.5 earnings per share for the current year.

Royal Bank of Canada has increased its dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Thursday, July 25th will be paid a dividend of $1.03 per share. This represents an annualized dividend of $4.12 and a yield of 3.65%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date is Thursday, July 25. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 51.49%.

Royal Bank of Canada Company Profile

(Free Report)

Royal Bank of Canada operates as a diversified global financial services company. The company’s Personal and Business Banking segment offers checking and savings accounts, equity financing, personal loans, private banking, indirect lending, including auto financing, mutual funds and stand-alone brokerage accounts, guaranteed investment certificates, credit cards credit and payment products and solutions; and loans, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, commercial products and services for small and medium-sized commercial enterprises.