Envestnet Portfolio Solutions Inc. Buys New Position in Royal Bank of Canada (NYSE:RY)

Envestnet Portfolio Solutions Inc. bought a new stake in shares of Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,980 shares of the financial services provider’s stock, valued at approximately $301,000.

Other large investors have also bought and sold shares of the company. Canoe Financial LP boosted its position in shares of Royal Bank of Canada by 11,061.2% in the 4th quarter. Canoe Financial LP now owns 151,142,403 shares of the financial services provider’s stock valued at $15,285,031,000 after purchasing an additional 149,788,224 shares during the period. Bank of Nova Scotia boosted its position in shares of Royal Bank of Canada by 13.0% in the 3rd quarter. Bank of Nova Scotia now owns 26,666,961 shares of the financial services provider’s stock valued at $2,330,506,000 after purchasing an additional 3,062,038 shares during the period. Mackenzie Financial Corp boosted its position in Royal Bank of Canada by 5.4% during the 4th quarter. Mackenzie Financial Corp now owns 26,869,809 shares of the financial services provider’s stock worth $2,718,631,000 after acquiring an additional 1,369,723 shares during the period. International Assets Investment Management LLC acquired a new stake in Royal Bank of Canada during the 4th quarter worth about $1,220,441,000. Finally, AGF Management Ltd. boosted its position in Royal Bank of Canada by 40.9% during the 4th quarter. AGF Management Ltd. now owns 2,798,502 shares of the financial services provider’s stock worth $309,639,000 after acquiring an additional 812,916 shares during the period. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Up 0.7 %

RY opened at $105.33 on Friday. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $107.19. The business has a 50-day moving average of $100.90 and a 200-day moving average of $97.59. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $149.02 billion, a PE ratio of 13.27, a price-to-earnings-growth ratio of 1.68 and a beta of 0.85.

Royal Bank of Canada (NYSE:RY – Get Free Report) (TSE:RY) last issued its quarterly earnings data on Wednesday, February 28th. The financial services provider reported $2.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.05. Royal Bank of Canada had a return on equity of 14.74% and a net margin of 12.43%. The business had revenue of $9.98 billion for the quarter, compared to the consensus estimate of $10.10 billion. Equities research analysts forecast that Royal Bank of Canada will post 8.51 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Thursday, April 25th were paid a $1.0207 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 3.88%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend was Wednesday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 51.39%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Barclays assumed coverage on Royal Bank of Canada in a research report on Wednesday, March 20th. They set an “equal weight” rating for the company. Scotiabank upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. BMO Capital Markets upgraded Royal Bank of Canada from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $140.00 to $150.00 in a research report on Friday, April 5th. 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, StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Tuesday, February 6th. One analyst has rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $137.67.

View Our Latest Research Report on RY

Royal Bank of Canada Company Profile

(Free Report)

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.

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