Cumberland Partners Ltd Has $51.04 Million Stock Position in Royal Bank of Canada (NYSE:RY)

Cumberland Partners Ltd raised its stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 1.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 408,530 shares of the financial services provider's stock after purchasing an additional 5,103 shares during the quarter. Royal Bank of Canada comprises about 3.5% of Cumberland Partners Ltd's investment portfolio, making the stock its 5th biggest position. Cumberland Partners Ltd's holdings in Royal Bank of Canada were worth $51,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Orion Portfolio Solutions LLC increased its holdings in Royal Bank of Canada by 47.4% in the first quarter. Orion Portfolio Solutions LLC now owns 16,494 shares of the financial services provider's stock worth $1,664,000 after purchasing an additional 5,302 shares in the last quarter. UniSuper Management Pty Ltd increased its stake in shares of Royal Bank of Canada by 91.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 19,900 shares of the financial services provider's stock valued at $2,008,000 after purchasing an additional 9,500 shares in the last quarter. Legal & General Group Plc raised its position in Royal Bank of Canada by 1.8% in the second quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider's stock valued at $1,118,150,000 after purchasing an additional 190,341 shares during the period. Creative Planning boosted its holdings in Royal Bank of Canada by 6.4% in the 3rd quarter. Creative Planning now owns 211,411 shares of the financial services provider's stock valued at $26,369,000 after purchasing an additional 12,693 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Royal Bank of Canada during the 2nd quarter worth $3,787,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RY shares. BMO Capital Markets raised their price objective 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 lowered Royal Bank of Canada from a "hold" rating to a "sell" rating in a report on Saturday, July 20th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Royal Bank of Canada presently has an average rating of "Moderate Buy" and an average target price of $142.50.

Royal Bank of Canada Stock Down 0.1 %

Shares of NYSE:RY traded down $0.15 during trading on Tuesday, hitting $123.89. 2,338,508 shares of the company's stock traded hands, compared to its average volume of 1,080,699. The company has a 50-day moving average price of $123.26 and a 200-day moving average price of $113.24. The company has a market cap of $175.14 billion, a price-to-earnings ratio of 14.89, a price-to-earnings-growth ratio of 1.89 and a beta of 0.86. Royal Bank of Canada has a 52 week low of $84.28 and a 52 week high of $126.96. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12.

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, beating analysts' consensus estimates 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. As a group, research analysts forecast that Royal Bank of Canada will post 8.88 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be given a $1.028 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.32%. Royal Bank of Canada's dividend payout ratio is presently 50.67%.

Royal Bank of Canada 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.