Sheets Smith Wealth Management Decreases Holdings in Royal Bank of Canada (NYSE:RY)

Sheets Smith Wealth Management decreased its stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 55.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,591 shares of the financial services provider's stock after selling 4,519 shares during the quarter. Sheets Smith Wealth Management's holdings in Royal Bank of Canada were worth $448,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Capital Performance Advisors LLP acquired a new position in Royal Bank of Canada during the third quarter worth $25,000. Ridgewood Investments LLC acquired a new position in Royal Bank of Canada during the 2nd quarter worth $27,000. Grove Bank & Trust acquired a new stake in Royal Bank of Canada in the 3rd quarter valued at about $28,000. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Royal Bank of Canada by 110.3% in the 3rd 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 acquired a new position in shares of Royal Bank of Canada during the second quarter worth about $33,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank of Canada Stock Performance

Shares of NYSE RY traded up $0.41 during trading hours on Monday, reaching $124.04. The stock had a trading volume of 439,572 shares, compared to its average volume of 1,074,823. The firm has a market cap of $175.35 billion, a price-to-earnings ratio of 15.07, a PEG ratio of 1.89 and a beta of 0.86. Royal Bank of Canada has a fifty-two week low of $84.28 and a fifty-two week high of $126.96. The firm has a 50-day moving average of $123.19 and a 200-day moving average of $113.06. 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 announced its 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. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The business had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $10.40 billion. Equities research analysts predict that Royal Bank of Canada will post 8.88 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The company also recently announced 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. This represents a $4.11 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada's dividend payout ratio (DPR) is presently 50.67%.

Analyst Upgrades and Downgrades

RY has been the topic of a number of recent analyst reports. StockNews.com downgraded shares of Royal Bank of Canada from a "hold" rating to a "sell" rating in a research report on Saturday, July 20th. BMO Capital Markets lifted their price target on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an "outperform" rating in a report on Thursday, August 29th. One research 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 data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price 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.