Creative Planning has $21.14 million shares position in Royal Bank of Canada (NYSE:RY)

VaselineOctober 1, 2024

0 3 minutes read

Creative Planning lifted its position in shares of Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) by 8.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 198,718 shares of the financial services provider’s stock after buying an additional 15,554 shares during the quarter. Creative Planning’s holdings in Royal Bank of Canada were worth $21,140,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have recently modified their holdings of the company. Ridgewood Investments LLC purchased a new stake in shares of Royal Bank of Canada in the second quarter valued at $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Royal Bank of Canada in the second quarter valued at $33,000. Mather Group LLC. purchased a new stake in shares of Royal Bank of Canada in the first quarter worth $49,000. Nisa Investment Advisors LLC boosted its holdings in shares of 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, Allspring Global Investments Holdings LLC acquired a new stake in shares of Royal Bank of Canada in the first quarter worth $86,000. Institutional investors and hedge funds own 45.31% of the company’s shares.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock opened at $124.72 on Tuesday. Royal Bank of Canada has a 12-month low of $77.90 and a 12-month high of $125.11. The company has a quick ratio of 0.87, a current ratio of 0.87, and a debt-to-equity ratio of 0.12. The company’s 50-day moving average price is $116.37, and its two-hundred-day moving average price is $108.20. The stock has a market cap of $176.49 billion, a PE ratio of 15.47, a P/E/G ratio of 2.01 and a beta of 0.86.

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Royal Bank of Canada (NYSE:RY – Get Your Free Report ) (TSE:RY) last posted its 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 return on equity of 15.17% and a net margin of 12.28%. The firm had revenue of $10.68 billion for the quarter, compared to analysts’ expectations of $10.40 billion. As a group, analysts expect that Royal Bank of Canada will post 8.97 earnings per share for the current fiscal year.

Royal Bank of Canada cuts dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders 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 3.30%. The ex-dividend date of this dividend is Thursday, October 24. Royal Bank of Canada’s dividend payout ratio is currently 52.11%.

Changes in Analyst Ratings

A number of equities research analysts recently weighed in on RY shares. 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 report on Thursday, August 29th. Argus lifted their price target on Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, June 6th. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. Finally, UBS Group started coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Moderate Buy” and a consensus price target of $142.50, based on data from MarketBeat.com.

Get the latest research report on Royal Bank of Canada

Royal Bank of Canada 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.