Massachusetts Financial Services Co. MA Has $338.22 Million Stock Holdings in Royal Bank of Canada (NYSE:RY)

Massachusetts Financial Services Co. MA trimmed its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,711,602 shares of the financial services provider’s stock after selling 68,292 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.19% of Royal Bank of Canada worth $338,218,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Shell Asset Management Co. lifted its stake in Royal Bank of Canada by 3.8% during the 1st quarter. Shell Asset Management Co. now owns 2,711 shares of the financial services provider’s stock valued at $274,000 after acquiring an additional 100 shares in the last quarter. EP Wealth Advisors LLC boosted its stake in Royal Bank of Canada by 15.0% in the first quarter. EP Wealth Advisors LLC now owns 3,052 shares of the financial services provider’s stock worth $308,000 after buying an additional 397 shares in the last quarter. Advisors Asset Management Inc. grew its stake in shares of Royal Bank of Canada by 29.0% during the first quarter. Advisors Asset Management Inc. now owns 2,953 shares of the financial services provider’s stock valued at $298,000 after buying an additional 664 shares during the last quarter. Capital Research Global Investors raised its holdings in Royal Bank of Canada by 1.1% during the 1st quarter. Capital Research Global Investors now owns 345,156 shares of the financial services provider’s stock valued at $34,812,000 after buying an additional 3,639 shares during the last quarter. Finally, Tremblant Capital Group grew its position in shares of Royal Bank of Canada by 71.8% in the 1st quarter. Tremblant Capital Group now owns 13,429 shares of the financial services provider’s stock worth $1,355,000 after buying an additional 5,612 shares during the last quarter. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock opened at $125.09 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87. The firm’s 50-day simple moving average is $123.36 and its 200-day simple moving average is $114.40. Royal Bank of Canada has a 1 year low of $85.02 and a 1 year high of $126.96. The firm has a market cap of $176.84 billion, a PE ratio of 15.13, a price-to-earnings-growth ratio of 1.88 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $10.40 billion. Equities analysts forecast that Royal Bank of Canada will post 8.88 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be issued a $1.028 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.29%. Royal Bank of Canada’s dividend payout ratio is presently 50.79%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. BMO Capital Markets increased 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. TD Securities cut shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average 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.