Janney Montgomery Scott LLC Reduces Stake in Royal Bank of Canada

Janney Montgomery Scott LLC has reduced its investment in the Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) by 1.7% during the third quarter, as indicated by its latest filing with the Securities and Exchange Commission. After selling 1,400 shares during this period, the firm now holds 80,436 shares of the financial institution. The total value of Janney Montgomery Scott LLC's shares in Royal Bank of Canada was approximately $10,033,000 at the end of the most recent quarter.

Alongside Janney, other hedge funds have also adjusted their positions in the bank's stock. For example, Orion Portfolio Solutions LLC increased its stake in Royal Bank of Canada by 47.4% in the first quarter and now possesses 16,494 shares valued at $1,664,000 after acquiring an additional 5,302 shares. Meanwhile, UniSuper Management Pty Ltd boosted its holdings by 91.3% during the same quarter, acquiring 19,900 shares worth $2,008,000 after purchasing 9,500 shares more. Legal & General Group Plc also increased its stake by 1.8% during the second quarter, owning over 10.5 million shares valued at around $1.12 billion after acquiring an additional 190,341 shares. Furthermore, Creative Planning raised its investment by 6.4%, acquiring another 12,693 shares for a total of 211,411 shares valued at $26.37 million. Additionally, Susquehanna Fundamental Investments LLC established a new position during the second quarter, valued at about $3.79 million. Currently, around 45.31% of Royal Bank of Canada's stock is held by institutional investors and hedge funds.

Current Stock Performance

As of the latest trading session, Royal Bank of Canada shares opened at $124.55. The bank has a market capitalization of $176.07 billion and a price-to-earnings ratio of 15.06. It boasts a P/E/G ratio of 1.87 and a beta of 0.86. The stock has experienced a 52-week low of $83.57 and a high of $126.96. Furthermore, key financial ratios include a debt-to-equity ratio of 0.12, and both a current and quick ratio of 0.87. The stock's 50-day moving average stands at $123.03, with a 200-day moving average of $112.60.

Royal Bank of Canada reported its latest earnings on August 28th, indicating earnings per share (EPS) of $2.38. This surpassed analysts’ expectations of $2.15 by $0.23. The bank also achieved a net margin of 12.28% and a return on equity of 15.17%, with quarterly revenue reaching $10.68 billion, exceeding expectations of $10.40 billion. Analysts forecast an average of 8.88 EPS for the current fiscal year.

Dividend Information

Recently, Royal Bank of Canada announced a quarterly dividend, scheduled for distribution on November 22nd. Shareholders recorded on October 24th will receive a dividend of $1.028, translating to an annual dividend of $4.11 and a yield of 3.30%. The ex-dividend date for this payment is set for October 24th. Currently, the bank has a dividend payout ratio of 50.67%.

Analyst Ratings and Price Targets

Recently, several brokerages have provided updates regarding Royal Bank of Canada’s stock. BMO Capital Markets raised its target price from $151.00 to $165.00, recommending an “outperform” rating. Meanwhile, StockNews.com downgraded the stock’s rating from “hold” to “sell.” Overall, the stock has mixed reviews, with some analysts giving it a sell rating, while others maintain hold, buy, or strong buy ratings. Currently, Royal Bank of Canada is averaging a “Moderate Buy” rating with an estimated target price of $142.50.

About Royal Bank of Canada

The Royal Bank of Canada operates as a diversified financial services provider on a global scale. Its Personal & Commercial Banking division offers a variety of services, including checking and savings accounts, personal loans, and investment products, along with services tailored for small and medium-sized businesses.

Investment, Finance, Stocks