Smith Salley Wealth Management Sells 125 Shares of Royal Bank of Canada (NYSE:RY)

Smith Salley Wealth Management decreased its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,131 shares of the financial services provider’s stock after selling 125 shares during the period. Smith Salley Wealth Management’s holdings in Royal Bank of Canada were worth $417,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of RY. Stifel Financial Corp raised its position in Royal Bank of Canada by 3.9% during the 3rd quarter. Stifel Financial Corp now owns 21,680 shares of the financial services provider’s stock valued at $1,896,000 after purchasing an additional 820 shares during the last quarter. Glenmede Trust Co. NA grew its holdings in shares of Royal Bank of Canada by 16.8% during the 3rd quarter. Glenmede Trust Co. NA now owns 4,298 shares of the financial services provider’s stock worth $376,000 after acquiring an additional 618 shares during the period. Royal London Asset Management Ltd. grew its holdings in shares of Royal Bank of Canada by 32.6% during the 3rd quarter. Royal London Asset Management Ltd. now owns 117,510 shares of the financial services provider’s stock worth $10,275,000 after acquiring an additional 28,863 shares during the period. Townsquare Capital LLC grew its holdings in shares of Royal Bank of Canada by 9.8% during the 3rd quarter. Townsquare Capital LLC now owns 13,981 shares of the financial services provider’s stock worth $1,222,000 after acquiring an additional 1,253 shares during the period. Finally, Morgan Stanley grew its holdings in shares of Royal Bank of Canada by 8.7% during the 3rd quarter. Morgan Stanley now owns 3,888,087 shares of the financial services provider’s stock worth $339,974,000 after acquiring an additional 312,563 shares during the period. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Trading Up 0.4 %

Shares of NYSE:RY traded up $0.43 during trading hours on Tuesday, hitting $109.62. 2,244,183 shares of the company’s stock traded hands, compared to its average volume of 1,096,408. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $110.27. The business has a fifty day moving average price of $105.05 and a 200-day moving average price of $101.15. The firm has a market capitalization of $155.12 billion, a P/E ratio of 13.66, a price-to-earnings-growth ratio of 1.71 and a beta of 0.86. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Thursday, May 30th. The financial services provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.12. Royal Bank of Canada had a return on equity of 14.87% and a net margin of 12.12%. The business had revenue of $10.43 billion during the quarter, compared to analyst estimates of $9.95 billion. Equities analysts expect that Royal Bank of Canada will post 8.47 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Thursday, July 25th will be issued a $1.03 dividend. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend is Thursday, July 25th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.76%. Royal Bank of Canada’s payout ratio is presently 50.62%.

Analysts Set New Price Targets

Several research firms recently weighed in on RY. Argus upped their price target on Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Thursday, June 6th. Scotiabank upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. UBS Group began coverage on Royal Bank of Canada in a research note on Tuesday, July 2nd. They issued a “buy” rating on the stock. Jefferies Financial Group upgraded Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Finally, Barclays began coverage on Royal Bank of Canada in a research report on Wednesday, March 20th. They set an “equal weight” rating on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and an average target price of $133.25.

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.