Principal Financial Group Inc. buys shares of 153,314 Royal Bank of Canada (NYSE:RY)


Principal Financial Group Inc. acquired a new stake in Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) during Q1, according to the company in its most recent filing with the Securities and Exchange Commission. The company purchased 153,314 shares of the financial services provider, valued at around $16,895,000.

Other institutional investors and hedge funds have also recently changed their stakes in the company. AdvisorNet Financial Inc. increased its holdings of Royal Bank of Canada shares by 5.0% during the 1st quarter. AdvisorNet Financial Inc now owns 1,974 shares of the financial services provider valued at $218,000 after buying 94 additional shares in the last quarter. Tilia Fiduciary Partners Inc. increased its holding in shares of Royal Bank of Canada by 10.1% during the 1st quarter. Tilia Fiduciary Partners Inc. now owns 1,089 shares of the financial services provider valued at $120,000 after buying an additional 100 shares last quarter. SRS Capital Advisors Inc. increased its holding in shares of Royal Bank of Canada by 15.9% during the 4th quarter. SRS Capital Advisors Inc. now owns 751 shares of the financial services provider worth $80,000 after buying 103 additional shares in the last quarter. Midwest Professional Planners LTD. increased its position in Royal Bank of Canada by 2.8% during the 4th quarter. Midwest Professional Planners LTD. now owns 4,079 shares of the financial services provider worth $433,000 after acquiring 113 additional shares in the last quarter. Finally, UMB Bank NA MO increased its position in Royal Bank of Canada by 5.9% during the 1st quarter. UMB Bank NA MO now owns 2,028 shares of the financial services provider worth $224,000 after acquiring 113 additional shares in the last quarter. Hedge funds and other institutional investors own 41.50% of the company’s shares.

A Wall Street analyst gives his opinion

Several equity analysts have recently released reports on RY shares. Credit Suisse Group reduced its price target on Royal Bank of Canada from C$153.00 to C$152.00 in a research report on Friday, May 27. Scotiabank cut its price target on Royal Bank of Canada from C$147.00 to C$144.00 in a research report on Thursday. National Bank Financial reduced its price target on Royal Bank of Canada from C$148.00 to C$147.00 in a Tuesday, August 16 research report. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods downgraded Royal Bank of Canada from a “market performer” rating to an “underperformer” rating and reduced their price target for the stock by C$132.00 at CA$118.00 in a Monday, August 8 research report. Three investment analysts have assigned the stock a sell rating, four have issued a hold rating and nine have assigned the stock a buy rating. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $140.66.

Royal Bank of Canada is trading down 0.9%

NYSE RY opened at $99.30 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt ratio of 0.11. Royal Bank of Canada has a 12-month low of $90.75 and a 12-month high of $119.41. The company has a market capitalization of $138.48 billion, a PE ratio of 10.86, a P/E/G ratio of 2.21 and a beta of 0.87. The stock’s 50-day moving average is $97.03 and its 200-day moving average is $103.66.

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last released its quarterly results on Thursday, May 26. The financial services provider reported earnings per share of $2.36 for the quarter, beating the consensus estimate of $2.08 by $0.28. Royal Bank of Canada posted a return on equity of 17.97% and a net margin of 28.54%. The company posted revenue of $8.86 billion for the quarter. Research analysts expect Royal Bank of Canada to post earnings per share of 8.83 for the current fiscal year.

Royal Bank of Canada increases its dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 24. Shareholders of record on Tuesday, July 26 will receive a dividend of $0.995 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.94. The ex-dividend date is Monday, July 25. This represents a dividend of $3.98 on an annualized basis and a yield of 4.01%. Royal Bank of Canada’s payout ratio is currently 43.54%.

Profile of Royal Bank of Canada

(Get an assessment)

Royal Bank of Canada is a globally diversified financial services company. The Company’s Personal and Commercial Banking segment offers checking and savings accounts, home equity financing, personal loans, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, commercial products and services to small and medium commercial enterprises.

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Institutional ownership by quarter for Royal Bank of Canada (NYSE:RY)



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