Charles Schwab Investment Management Inc. Acquires 122,311 Shares of Royal Bank of Canada (NYSE:RY)

Charles Schwab Investment Management Inc. increased its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 3,483,591 shares of the financial services provider’s stock after purchasing an additional 122,311 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Royal Bank of Canada were worth $435,253,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of RY. National Bank of Canada FI lifted its position 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 purchasing an additional 2,901,033 shares during the period. CIBC Asset Management Inc raised its stake in Royal Bank of Canada by 0.9% during the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock valued at $1,706,833,000 after buying an additional 124,348 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Royal Bank of Canada by 2.2% during the 2nd 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 during the period. Legal & General Group Plc boosted its stake in shares of Royal Bank of Canada by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock worth $1,118,150,000 after buying an additional 190,341 shares during the last quarter. Finally, Fiera Capital Corp grew its holdings in shares of Royal Bank of Canada by 3.7% in the third quarter. Fiera Capital Corp now owns 4,759,385 shares of the financial services provider’s stock worth $594,791,000 after acquiring an additional 171,125 shares during the period. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Up 2.7 %

NYSE RY opened at $125.09 on Friday. The stock’s 50-day moving average price is $123.36 and its 200-day moving average price is $114.40. The company has a market capitalization of $176.84 billion, a P/E ratio of 15.13, a price-to-earnings-growth ratio of 1.88 and a beta of 0.86. 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 has a 52 week low of $85.02 and a 52 week high of $126.96.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data 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. The firm 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%. On average, equities research analysts predict that Royal Bank of Canada will post 8.88 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be given a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.29%. Royal Bank of Canada’s payout ratio is 50.79%.

Analyst Ratings Changes

RY has been the topic of a number of recent research reports. BMO Capital Markets increased their target price 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. Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday. Finally, TD Securities lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada 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.