Royal Bank of Canada (NYSE:RY) is TD Asset Management Inc.’s 2nd Largest Position
TD Asset Management Inc. cut its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 37,045,016 shares of the financial services provider’s stock after selling 442,569 shares during the quarter. Royal Bank of Canada accounts for approximately 4.4% of TD Asset Management Inc.’s investment portfolio, making the stock its 2nd biggest holding. TD Asset Management Inc.’s holdings in Royal Bank of Canada were worth $2,950,276,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in RY. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp bought a new position in shares of Royal Bank of Canada during the 1st quarter worth $332,201,000. Toronto Dominion Bank boosted its stake in Royal Bank of Canada by 10.4% in the 1st quarter. Toronto Dominion Bank now owns 19,629,673 shares of the financial services provider’s stock worth $1,481,311,000 after purchasing an additional 1,853,129 shares during the period. State of Tennessee Treasury Department bought a new stake in shares of Royal Bank of Canada during the 1st quarter valued at about $86,128,000. Highstreet Asset Management Inc. boosted its position in shares of Royal Bank of Canada by 23.3% during the 2nd quarter. Highstreet Asset Management Inc. now owns 1,914,921 shares of the financial services provider’s stock valued at $152,179,000 after acquiring an additional 362,469 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Royal Bank of Canada by 69.6% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 530,376 shares of the financial services provider’s stock valued at $40,026,000 after acquiring an additional 217,609 shares during the last quarter. 41.43% of the stock is owned by hedge funds and other institutional investors.
Shares of RY traded up $0.60 during trading hours on Tuesday, reaching $76.08. 666,391 shares of the company’s stock traded hands, compared to its average volume of 855,731. The company has a market capitalization of $109.09 billion, a PE ratio of 11.65, a PEG ratio of 1.98 and a beta of 1.09. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.92 and a current ratio of 0.92. The firm’s 50 day simple moving average is $79.10. Royal Bank of Canada has a 12 month low of $65.76 and a 12 month high of $81.56.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Thursday, July 25th will be issued a dividend of $0.7596 per share. The ex-dividend date of this dividend is Wednesday, July 24th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.99%. Royal Bank of Canada’s dividend payout ratio is 47.78%.
A number of analysts have recently issued reports on the company. BMO Capital Markets reiterated a “hold” rating on shares of Royal Bank of Canada in a research report on Thursday, May 23rd. Zacks Investment Research upgraded Royal Bank of Canada from a “sell” rating to a “buy” rating and set a $89.00 price target for the company in a research report on Thursday, August 1st. Desjardins reiterated a “buy” rating and set a $111.00 price target on shares of Royal Bank of Canada in a research report on Thursday, May 16th. Finally, Barclays reiterated a “sell” rating on shares of Royal Bank of Canada in a research report on Thursday, May 23rd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Royal Bank of Canada presently has an average rating of “Buy” and an average target price of $100.00.
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 check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.
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