Traders Buy Shares of Royal Bank of Canada (RY) on Weakness

Share on StockTwits

Investors purchased shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) on weakness during trading on Wednesday. $61.65 million flowed into the stock on the tick-up and $8.72 million flowed out of the stock on the tick-down, for a money net flow of $52.93 million into the stock. Of all stocks tracked, Royal Bank of Canada had the 17th highest net in-flow for the day. Royal Bank of Canada traded down ($0.02) for the day and closed at $78.76

Several brokerages recently commented on RY. Zacks Investment Research cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. ValuEngine upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. Macquarie upgraded shares of Royal Bank of Canada from an “underperform” rating to a “neutral” rating in a report on Friday, June 8th. Finally, National Bank Financial upgraded shares of Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report on Monday, June 4th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $97.20.

The firm has a market capitalization of $114.60 billion, a P/E ratio of 13.00, a price-to-earnings-growth ratio of 1.58 and a beta of 1.15. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.92 and a current ratio of 0.92.

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 23rd. Investors of record on Thursday, October 25th will be issued a dividend of $0.753 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Wednesday, October 24th. This represents a $3.01 annualized dividend and a yield of 3.82%. Royal Bank of Canada’s dividend payout ratio is presently 47.19%.

A number of institutional investors and hedge funds have recently made changes to their positions in RY. Toronto Dominion Bank boosted its holdings in Royal Bank of Canada by 58.3% during the second quarter. Toronto Dominion Bank now owns 19,886,624 shares of the financial services provider’s stock worth $1,514,311,000 after purchasing an additional 7,326,711 shares during the last quarter. CIBC World Markets Inc. lifted its stake in Royal Bank of Canada by 7.1% in the first quarter. CIBC World Markets Inc. now owns 24,154,345 shares of the financial services provider’s stock valued at $1,866,889,000 after acquiring an additional 1,602,039 shares during the last quarter. Addenda Capital Inc. lifted its stake in Royal Bank of Canada by 96.5% in the second quarter. Addenda Capital Inc. now owns 2,568,518 shares of the financial services provider’s stock valued at $195,819,000 after acquiring an additional 1,261,654 shares during the last quarter. OMERS ADMINISTRATION Corp lifted its stake in Royal Bank of Canada by 17.4% in the first quarter. OMERS ADMINISTRATION Corp now owns 6,675,444 shares of the financial services provider’s stock valued at $515,292,000 after acquiring an additional 990,414 shares during the last quarter. Finally, AGF Investments Inc. lifted its stake in Royal Bank of Canada by 106.9% in the second quarter. AGF Investments Inc. now owns 1,734,546 shares of the financial services provider’s stock valued at $130,607,000 after acquiring an additional 896,260 shares during the last quarter. Institutional investors and hedge funds own 40.05% of the company’s stock.

Royal Bank of Canada Company Profile (NYSE:RY)

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

See Also: Diversification in Your Portfolio

Receive News & Ratings for Royal Bank of Canada Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Bank of Canada and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply