Creative Planning Purchases 15,554 Shares of Royal Bank of Canada (NYSE:RY)

Creative Planning increased its position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 8.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 198,718 shares of the financial services provider's stock after purchasing an additional 15,554 shares during the period. Creative Planning's holdings in Royal Bank of Canada were worth $21,140,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Kathmere Capital Management LLC increased its holdings in Royal Bank of Canada by 18.2% in the 2nd quarter. Kathmere Capital Management LLC now owns 3,524 shares of the financial services provider's stock valued at $375,000 after acquiring an additional 543 shares during the last quarter. Arkos Global Advisors bought a new stake in Royal Bank of Canada in the 2nd quarter valued at $201,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Royal Bank of Canada in the 2nd quarter worth about $3,787,000. Legal & General Group Plc increased its holdings in shares of Royal Bank of Canada by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider's stock worth $1,118,150,000 after buying an additional 190,341 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Royal Bank of Canada by 2.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,127,506 shares of the financial services provider's stock worth $1,289,274,000 after buying an additional 256,023 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors.

Royal Bank of Canada Trading Down 0.8 %

Shares of RY stock traded down $0.98 during trading hours on Tuesday, reaching $123.75. 331,239 shares of the stock were exchanged, compared to its average volume of 1,052,741. Royal Bank of Canada has a 12-month low of $77.90 and a 12-month high of $125.28. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The company's 50-day moving average price is $116.37 and its 200-day moving average price is $108.20. The firm has a market capitalization of $175.12 billion, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 2.01 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.23. The company had revenue of $10.68 billion during the quarter, compared to analysts' expectations of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. As a group, equities analysts anticipate that Royal Bank of Canada will post 8.97 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders 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 yield of 3.32%. Royal Bank of Canada's dividend payout ratio (DPR) is 52.11%.

Wall Street Analysts Forecast Growth

RY has been the topic of a number of research reports. Argus boosted their target price on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a "buy" rating in a report on Thursday, June 6th. StockNews.com downgraded shares of Royal Bank of Canada from a "hold" rating to a "sell" rating in a report on Saturday, July 20th. BMO Capital Markets boosted their target price on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an "outperform" rating in a report on Thursday, August 29th. Finally, UBS Group assumed coverage on shares of Royal Bank of Canada in a research note on Tuesday, July 2nd. They set a "buy" rating for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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.