Skandinaviska Enskilda Banken AB publ sells 14,138 shares of Royal Bank of Canada (NYSE:RY)

VaselineSeptember 20, 2024

0 3 minutes read

Skandinaviska Enskilda Banken AB lowered its stake in shares of Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) by 4.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 342,360 shares of the financial services provider’s stock after selling 14,138 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Royal Bank of Canada were worth $36,406,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC bought a new position in Royal Bank of Canada in the second quarter valued at about $27,000. Ashton Thomas Private Wealth LLC bought a new position in Royal Bank of Canada in the second quarter valued at approximately $33,000. Mather Group LLC. bought a new position in Royal Bank of Canada in the first quarter worth approximately $49,000. Nisa Investment Advisors LLC boosted its holdings in Royal Bank of Canada by 293.8% during the second quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock worth $54,000 after buying an additional 379 shares during the last quarter. Finally, Heritage Wealth Advisors bought a new position in Royal Bank of Canada in the fourth quarter valued at approximately $61,000. Institutional investors own 45.31% of the company’s shares.

The Wall Street analyst weighs in

RY has been the subject of several recent analyst reports. UBS Group initiated coverage on Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating on the stock. BMO Capital Markets lifted their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Argus lifted their price objective on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, June 6th. Finally, StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.50, according to MarketBeat.com.

Want more great investment ideas?

Check out the latest stock report on RY

Royal Bank of Canada trading up 0.4%

NYSE:RY opened at $123.05 on Friday. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $124.46. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87, and a quick ratio of 0.87. The stock has a market cap of $174.12 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86. The company’s 50-day simple moving average is $114.64, and its 200-day simple moving average is $106.89.

Royal Bank of Canada cuts dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be paid a $1.028 dividend. This represents a dividend of $4.11 on an annualized basis and a yield of 3.34%. The ex-dividend date is Thursday, October 24. Royal Bank of Canada’s dividend payout ratio 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 commercial banking segment offers checking and savings accounts, equity financing, personal loans, private banking, indirect loans 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.