Plato Investment Management Ltd Purchases New Stake in Royal Bank of Canada (NYSE:RY)

Plato Investment Management Ltd acquired a new stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 24,887 shares of the financial services provider's stock, valued at approximately $3,106,000.

A number of other hedge funds have also modified their holdings of RY. Capital Performance Advisors LLP bought a new stake in Royal Bank of Canada during the third quarter worth about $25,000. Ridgewood Investments LLC acquired a new stake in shares of Royal Bank of Canada during the 2nd quarter worth approximately $27,000. Grove Bank & Trust bought a new stake in shares of Royal Bank of Canada during the 3rd quarter valued at $28,000. Whittier Trust Co. of Nevada Inc. lifted its stake in Royal Bank of Canada by 110.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider's stock valued at $28,000 after buying an additional 118 shares during the period. Finally, Ashton Thomas Private Wealth LLC bought a new position in Royal Bank of Canada during the 2nd quarter worth approximately $33,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Trading Down 0.6 %

NYSE RY traded down $0.76 on Thursday, reaching $122.39. The company had a trading volume of 539,686 shares, compared to its average volume of 1,090,650. The business has a 50 day moving average of $123.34 and a two-hundred day moving average of $113.49. Royal Bank of Canada has a fifty-two week low of $85.02 and a fifty-two week high of $126.96. The firm has a market cap of $173.02 billion, a price-to-earnings ratio of 14.87, a P/E/G ratio of 1.90 and a beta of 0.86. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick 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, topping the consensus estimate of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The company had revenue of $10.68 billion during the quarter, compared to analysts' expectations of $10.40 billion. Analysts forecast that Royal Bank of Canada will post 8.88 EPS 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. Stockholders of record on Thursday, October 24th will be paid 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 3.36%. Royal Bank of Canada's dividend payout ratio is currently 50.79%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RY shares. StockNews.com cut 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 price target on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an "outperform" rating in a research report on Thursday, August 29th. One analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Royal Bank of Canada has an average rating of "Moderate Buy" and a consensus price target of $142.50.

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.