Oppenheimer & Co. Inc. Reduces Stake in Royal Bank of Canada (RY)

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Oppenheimer & Co. Inc. trimmed its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 27.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 29,285 shares of the financial services provider’s stock after selling 11,147 shares during the period. Oppenheimer & Co. Inc.’s holdings in Royal Bank of Canada were worth $2,348,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. K.J. Harrison & Partners Inc raised its position in Royal Bank of Canada by 8.8% during the 3rd quarter. K.J. Harrison & Partners Inc now owns 68,663 shares of the financial services provider’s stock worth $5,500,000 after purchasing an additional 5,559 shares during the last quarter. Waratah Capital Advisors Ltd. bought a new position in Royal Bank of Canada during the 3rd quarter worth $2,092,000. Russell Investments Group Ltd. raised its position in Royal Bank of Canada by 10.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,991,629 shares of the financial services provider’s stock worth $158,430,000 after purchasing an additional 190,034 shares during the last quarter. First Trust Advisors LP raised its position in Royal Bank of Canada by 3.9% during the 3rd quarter. First Trust Advisors LP now owns 293,039 shares of the financial services provider’s stock worth $23,499,000 after purchasing an additional 10,909 shares during the last quarter. Finally, IFP Advisors Inc raised its position in Royal Bank of Canada by 31.2% during the 3rd quarter. IFP Advisors Inc now owns 6,527 shares of the financial services provider’s stock worth $523,000 after purchasing an additional 1,553 shares during the last quarter. Institutional investors own 40.04% of the company’s stock.

RY stock opened at $72.84 on Thursday. Royal Bank of Canada has a 1-year low of $71.01 and a 1-year high of $87.10. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92. The stock has a market capitalization of $104.83 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 1.45 and a beta of 1.15.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Wednesday, August 22nd. The financial services provider reported $1.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.04. Royal Bank of Canada had a return on equity of 18.11% and a net margin of 21.48%. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.39 billion. Analysts expect that Royal Bank of Canada will post 6.55 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 23rd. Stockholders of record on Thursday, October 25th will be given a $0.753 dividend. The ex-dividend date is Wednesday, October 24th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.73. This represents a $3.01 annualized dividend and a dividend yield of 4.14%. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.17%.

Several brokerages recently issued reports on RY. Scotia Howard Weill raised Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, September 10th. Scotiabank raised Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report on Monday, September 10th. Howard Weil raised Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a research report on Monday, September 10th. ValuEngine raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Finally, Zacks Investment Research lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Tuesday, August 14th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $97.20.

About Royal Bank of Canada

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.

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Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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