SteelPeak Wealth LLC Makes New Investment in Royal Bank of Canada (NYSE:RY)

SteelPeak Wealth LLC purchased a new position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,778 shares of the financial services provider’s stock, valued at approximately $222,000.

Several other large investors have also recently made changes to their positions in RY. Allspring Global Investments Holdings LLC bought a new position in shares of Royal Bank of Canada in the first quarter worth approximately $86,000. Private Advisor Group LLC grew its holdings in shares of Royal Bank of Canada by 9.6% in the first quarter. Private Advisor Group LLC now owns 5,956 shares of the financial services provider’s stock worth $601,000 after purchasing an additional 521 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Royal Bank of Canada by 75.1% in the first quarter. Sequoia Financial Advisors LLC now owns 12,365 shares of the financial services provider’s stock worth $1,247,000 after purchasing an additional 5,303 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Royal Bank of Canada by 5.8% in the first quarter. Janney Montgomery Scott LLC now owns 73,471 shares of the financial services provider’s stock valued at $7,412,000 after acquiring an additional 4,018 shares in the last quarter. Finally, PDS Planning Inc boosted its holdings in Royal Bank of Canada by 9.1% in the first quarter. PDS Planning Inc now owns 3,622 shares of the financial services provider’s stock valued at $365,000 after acquiring an additional 303 shares in the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Trading Up 0.8 %

Shares of RY opened at $121.87 on Friday. 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 has a 1 year low of $80.96 and a 1 year high of $126.96. The company has a 50 day simple moving average of $122.68 and a two-hundred day simple moving average of $111.96. The firm has a market cap of $172.28 billion, a P/E ratio of 14.74, a price-to-earnings-growth ratio of 2.02 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its earnings results 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. The firm had revenue of $10.68 billion during the quarter, compared to analyst estimates 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 analysts expect that Royal Bank of Canada will post 8.91 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.37%. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.79%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. BMO Capital Markets lifted their price target on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $142.50.

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.