Creative Planning Increases Holdings in Royal Bank of Canada (NYSE:RY)

Creative Planning boosted its position in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 6.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 211,411 shares of the financial services provider's stock after purchasing an additional 12,693 shares during the period. Creative Planning's holdings in Royal Bank of Canada were worth $26,369,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of RY. Ridgewood Investments LLC acquired a new position in Royal Bank of Canada during the 2nd quarter valued at approximately $27,000. Grove Bank & Trust purchased a new position in Royal Bank of Canada in the third quarter valued at $28,000. Ashton Thomas Private Wealth LLC purchased a new position in Royal Bank of Canada in the second quarter valued at $33,000. Mather Group LLC. acquired a new position in shares of Royal Bank of Canada in the first quarter worth about $49,000. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Royal Bank of Canada by 293.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider's stock worth $54,000 after acquiring an additional 379 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank of Canada Stock Down 0.8 %

NYSE RY traded down $1.06 during trading on Monday, reaching $124.99. 423,321 shares of the company's stock were exchanged, compared to its average volume of 833,279. The company has a 50 day moving average price of $120.67 and a two-hundred day moving average price of $110.69. The stock has a market cap of $176.69 billion, a P/E ratio of 15.11, a price-to-earnings-growth ratio of 2.06 and a beta of 0.86. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $126.96. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87.

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $10.40 billion. On average, equities research analysts anticipate that Royal Bank of Canada will post 8.91 EPS for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 annualized dividend and a yield of 3.29%. Royal Bank of Canada's payout ratio is currently 50.18%.

Analysts Set New Price Targets

Several brokerages have issued reports on RY. StockNews.com cut shares of Royal Bank of Canada from a "hold" rating to a "sell" rating in a research note on Saturday, July 20th. BMO Capital Markets upped their target price on Royal Bank of Canada from $151.00 to $165.00 and gave the company an "outperform" rating in a report on Thursday, August 29th. Finally, UBS Group began coverage on Royal Bank of Canada in a report on Tuesday, July 2nd. They set a "buy" rating on the stock. One 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Royal Bank of Canada currently 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.