Gold Investment Management Reduces Stake in Royal Bank of Canada

Gold Investment Management Ltd. has reduced its investment in the Royal Bank of Canada (NYSE:RY, TSE:RY) by 12.1% during the third quarter. This reduction was detailed in the firm's latest Form 13F filing with the Securities and Exchange Commission. After the sale of 5,981 shares, Gold Investment Management now holds 43,534 shares of the bank, which constitutes approximately 2.3% of its total investment portfolio, marking Royal Bank of Canada as its eighth-largest position. At the end of the most recent reporting period, these shares were valued at around $5,426,000.

Several other significant investors have also engaged in buying and selling shares of Royal Bank of Canada recently. For instance, Ridgewood Investments LLC established a new stake in the bank valued at $27,000 in the second quarter. Similarly, Grove Bank & Trust purchased shares worth approximately $28,000 in the third quarter. Whittier Trust Co. of Nevada Inc. significantly increased its holdings in Royal Bank of Canada, raising its position by 110.3% in the same period. This addition brought its total ownership to 225 shares, with a value of $28,000 after acquiring 118 more shares. Other investments included Ashton Thomas Private Wealth LLC, which invested about $33,000 during the second quarter, and Nisa Investment Advisors LLC, which boosted its stake by an impressive 293.8%, owning 508 shares valued at $54,000 after purchasing 379 shares in the last quarter. Institutional investors and hedge funds collectively own 45.31% of the company’s stock.

Royal Bank of Canada Price Overview

On Friday, shares of Royal Bank of Canada opened at $123.77. The stock has experienced fluctuations over the last year, with a low of $83.57 and a high of $126.96. The 50-day moving average is currently $123.03, while the 200-day moving average stands at $112.60. Royal Bank of Canada holds a market capitalization of $174.97 billion, a price-to-earnings (P/E) ratio of 15.06, and a price/earnings to growth (PEG) ratio of 1.87. The financial institution has a beta of 0.86, indicating lower volatility compared to the market, and its quick and current ratios are both at 0.87. Its debt-to-equity ratio is quite low at 0.12.

Financial Performance and Dividends

Recently, Royal Bank of Canada reported its earnings, announcing $2.38 earnings per share for the quarter, exceeding market expectations which were set at $2.15 by $0.23. The company reported a net margin of 12.28% with a return on equity of 15.17%. Its revenue for the quarter reached $10.68 billion, surpassing the consensus estimate of $10.40 billion.

The bank has also declared a quarterly dividend of $1.028, which will be distributed on Friday, November 22nd. Shareholders of record as of Thursday, October 24th will receive this dividend, reflecting an annualized total of $4.11 and a yield of 3.32%. This dividend’s ex-dividend date is set for Thursday, October 24th, and the current payout ratio for Royal Bank of Canada stands at 50.67%.

Stock Ratings and Analyst Recommendations

Various research firms have provided updates on Royal Bank of Canada’s stock. BMO Capital Markets raised their price target for the shares from $151.00 to $165.00, maintaining an "outperform" rating as of August 29th. Conversely, StockNews.com downgraded their rating from "hold" to "sell" as of July 20th. Currently, the stock has received mixed ratings: one analyst rates it as a sell, one as a hold, five analysts recommend a buy, and one has given it a strong buy rating. As per MarketBeat data, Royal Bank of Canada has a consensus rating categorized as "Moderate Buy" with an average target price of $142.50.

Company Profile

Royal Bank of Canada operates globally as a diversified financial services provider. Its offerings include personal and commercial banking services such as checking and savings accounts, home equity financing, personal loans, private banking, and various investment products. The bank also provides services to small and mid-sized businesses including lending, leasing, cash management, and trade products.

investment, banking, dividend