Drive Wealth Management LLC Acquires 92 Shares of Royal Bank of Canada (NYSE:RY)

Drive Wealth Management LLC grew its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.4% in the third quarter, Holdings Channel reports. The firm owned 2,799 shares of the financial services provider’s stock after buying an additional 92 shares during the quarter. Drive Wealth Management LLC’s holdings in Royal Bank of Canada were worth $349,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. National Bank of Canada FI lifted its holdings in Royal Bank of Canada by 16.7% in 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 acquiring an additional 2,901,033 shares during the period. Capital World Investors grew its position in Royal Bank of Canada by 75.0% during the first quarter. Capital World Investors now owns 6,320,246 shares of the financial services provider’s stock valued at $637,460,000 after buying an additional 2,708,534 shares during the period. Canada Pension Plan Investment Board increased its holdings in Royal Bank of Canada by 40.5% during the first quarter. Canada Pension Plan Investment Board now owns 5,039,171 shares of the financial services provider’s stock valued at $508,739,000 after buying an additional 1,452,127 shares during the last quarter. International Assets Investment Management LLC bought a new position in Royal Bank of Canada in the third quarter worth approximately $153,217,000. Finally, MUFG Securities EMEA plc purchased a new position in shares of Royal Bank of Canada during the 2nd quarter worth $29,254,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Trading Up 0.8 %

Shares of NYSE:RY opened at $122.45 on Tuesday. 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 company has a market capitalization of $173.10 billion, a PE ratio of 14.81, a P/E/G ratio of 1.86 and a beta of 0.86. Royal Bank of Canada has a 12-month low of $85.02 and a 12-month high of $126.96. The business’s fifty day simple moving average is $123.36 and its 200-day simple moving average is $114.12.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. The company had revenue of $10.68 billion during the quarter, compared to analysts’ expectations of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. As a group, equities research analysts predict that Royal Bank of Canada will post 8.88 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be paid a dividend of $1.028 per share. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.36%. Royal Bank of Canada’s payout ratio is currently 50.79%.

Analysts Set New Price Targets

Several brokerages have weighed in on RY. BMO Capital Markets lifted their price target on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. TD Securities cut shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus 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.