Palisade Asset Management LLC Sells 4,645 Shares of Royal Bank of Canada (NYSE:RY)

Palisade Asset Management LLC cut its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 5.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 87,999 shares of the financial services provider’s stock after selling 4,645 shares during the quarter. Palisade Asset Management LLC’s holdings in Royal Bank of Canada were worth $10,976,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. National Bank of Canada FI grew its holdings in shares of 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 worth $2,141,681,000 after purchasing an additional 2,901,033 shares during the last quarter. CIBC Asset Management Inc grew its holdings in Royal Bank of Canada by 0.9% in the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock worth $1,706,833,000 after acquiring an additional 124,348 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Royal Bank of Canada by 2.2% during the second 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 acquiring an additional 256,023 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Royal Bank of Canada by 1.8% during the second quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock worth $1,118,150,000 after purchasing an additional 190,341 shares during the period. Finally, Fiera Capital Corp grew its stake 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 purchasing an additional 171,125 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RY. BMO Capital Markets increased their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. TD Securities lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Trading Down 0.1 %

RY opened at $125.02 on Friday. 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. The stock has a market cap of $176.74 billion, a PE ratio of 15.12, a PEG ratio of 1.93 and a beta of 0.86. The business has a 50 day moving average of $123.39 and a 200-day moving average of $114.56.

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 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $10.40 billion. Equities research analysts predict that Royal Bank of Canada will post 8.37 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

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

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.