21st June 2024

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Business Industry and Financial

OLD Point Trust & Financial Services N A Invests $2.73 Million in Royal Bank of Canada (NYSE:RY)

OLD Point Trust & Financial Services N A bought a new position in shares of Royal Bank of Canada (NYSE:RY – Free Report) TSE: RY during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 27,015 shares of the financial services provider’s stock, valued at approximately $2,732,000. Royal Bank of Canada makes up approximately 1.1% of OLD Point Trust & Financial Services N A’s portfolio, making the stock its 29th largest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Banque Cantonale Vaudoise bought a new stake in shares of Royal Bank of Canada during the third quarter worth approximately $26,000. First Horizon Advisors Inc. increased its holdings in Royal Bank of Canada by 64.7% in the fourth quarter. First Horizon Advisors Inc. now owns 471 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 185 shares during the period. Addison Advisors LLC boosted its position in Royal Bank of Canada by 131.0% during the fourth quarter. Addison Advisors LLC now owns 529 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 300 shares during the last quarter. Heritage Wealth Advisors bought a new stake in Royal Bank of Canada during the fourth quarter valued at $61,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Royal Bank of Canada by 192.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 716 shares of the financial services provider’s stock valued at $72,000 after buying an additional 471 shares during the period. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Stock Performance

Shares of RY stock traded down $1.23 during trading hours on Friday, hitting $106.39. The company’s stock had a trading volume of 395,016 shares, compared to its average volume of 727,404. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The company has a 50 day moving average of $102.28 and a 200 day moving average of $99.12. The stock has a market cap of $150.55 billion, a PE ratio of 13.20, a price-to-earnings-growth ratio of 1.69 and a beta of 0.87. Royal Bank of Canada has a 12-month low of $77.90 and a 12-month high of $109.51.

Royal Bank of Canada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Thursday, July 25th will be paid a $1.03 dividend. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend is Thursday, July 25th. This represents a $4.12 annualized dividend and a dividend yield of 3.87%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 51.12%.

Analyst Upgrades and Downgrades

RY has been the topic of several recent analyst reports. Argus lifted their target price on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday. Scotiabank upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. Jefferies Financial Group upgraded shares of Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Barclays assumed coverage on shares of Royal Bank of Canada in a research note on Wednesday, March 20th. They issued an “equal weight” rating for the company. Finally, StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, May 31st. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and an average price target of $133.25.

Read Our Latest Analysis on RY

Royal Bank of Canada Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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