Coastline Trust Co Acquires New Holdings in Royal Bank of Canada (NYSE:RY)

Coastline Trust Co bought a new position in Royal Bank of Canada (NYSE:RY) (TSE:RY) in the third quarter, HoldingsChannel.com reports. The fund bought 325 shares of the financial services provider’s stock, valued at approximately $41,000.

Other hedge funds have also added to or reduced their stakes in the company. CIBC Asset Management Inc lifted its stake in shares of 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 purchasing an additional 124,348 shares during the period. OneDigital Investment Advisors LLC raised its position in Royal Bank of Canada by 4.8% in the third quarter. OneDigital Investment Advisors LLC now owns 2,508 shares of the financial services provider’s stock worth $313,000 after acquiring an additional 115 shares during the period. Plato Investment Management Ltd bought a new position in Royal Bank of Canada in the third quarter worth approximately $3,106,000. MQS Management LLC purchased a new position in shares of Royal Bank of Canada during the 3rd quarter worth $844,000. Finally, Hamel Associates Inc. bought a new stake in shares of Royal Bank of Canada during the 3rd quarter valued at $206,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RY has been the topic of a number of recent research reports. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday. BMO Capital Markets lifted their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. One equities research 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock opened at $121.47 on Monday. The company has a market capitalization of $171.72 billion, a price-to-earnings ratio of 14.69, a PEG ratio of 1.86 and a beta of 0.86. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock’s 50-day simple moving average is $123.37 and its 200-day simple moving average is $113.95. Royal Bank of Canada has a 52 week low of $85.02 and a 52 week high of $126.96.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.23. The business had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. As a group, analysts expect that Royal Bank of Canada will post 8.88 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be issued a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.39%. Royal Bank of Canada’s dividend payout ratio is currently 50.79%.

About Royal Bank of Canada

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.