Royal Bank of Canada (NYSE:RY) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,995,500 shares of the financial services provider’s stock after selling 132,006 shares during the quarter. Royal Bank of Canada comprises 1.3% of The Manufacturers Life Insurance Company’s investment portfolio, making the stock its 6th biggest position. The Manufacturers Life Insurance Company’s holdings in Royal Bank of Canada were worth $1,498,179,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of RY. Addison Advisors LLC increased its stake in shares of Royal Bank of Canada by 9.5% in the 3rd quarter. Addison Advisors LLC now owns 945 shares of the financial services provider’s stock worth $118,000 after acquiring an additional 82 shares during the last quarter. Mount Yale Investment Advisors LLC increased its position in Royal Bank of Canada by 1.6% during the second quarter. Mount Yale Investment Advisors LLC now owns 5,823 shares of the financial services provider’s stock worth $619,000 after purchasing an additional 92 shares during the last quarter. Drive Wealth Management LLC raised its stake in Royal Bank of Canada by 3.4% during the third quarter. Drive Wealth Management LLC now owns 2,799 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 92 shares during the period. Private Advisor Group LLC boosted its holdings in Royal Bank of Canada by 1.6% in the 3rd quarter. Private Advisor Group LLC now owns 6,160 shares of the financial services provider’s stock valued at $768,000 after purchasing an additional 95 shares during the last quarter. Finally, Shell Asset Management Co. grew its stake in shares of Royal Bank of Canada by 3.8% in the 1st quarter. Shell Asset Management Co. now owns 2,711 shares of the financial services provider’s stock valued at $274,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Down 0.6 %

Shares of NYSE RY opened at $124.30 on Tuesday. 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 business’s 50 day moving average is $123.41 and its two-hundred day moving average is $114.89. Royal Bank of Canada has a 52-week low of $85.02 and a 52-week high of $126.96. The firm has a market cap of $175.72 billion, a price-to-earnings ratio of 15.03, a PEG ratio of 1.93 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, beating 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 business had revenue of $10.68 billion during the quarter, compared to analysts’ expectations of $10.40 billion. Research analysts predict that Royal Bank of Canada will post 8.37 EPS for the current year.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th were paid a dividend of $1.028 per share. The ex-dividend date of this dividend was Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.31%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.79%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RY shares. 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. BMO Capital Markets upped their price target on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $142.50.

About Royal Bank of Canada

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.