Public Employees Retirement System of Ohio Acquires Shares in Royal Bank of Canada

The Public Employees Retirement System of Ohio has made a significant investment in the Royal Bank of Canada (NYSE: RY, TSE: RY) by acquiring a new stake during the third quarter. According to recent filings submitted to the Securities and Exchange Commission (SEC), the retirement system purchased a total of 336,727 shares of this financial services company, which amounts to a value of approximately $42,072,000.

In addition to this acquisition, several other institutional investors have also adjusted their positions in Royal Bank of Canada. For example, PNC Financial Services Group Inc. increased its holdings by 6.3% during the same quarter, now owning 84,045 shares worth about $10,483,000 after buying an extra 4,980 shares. Similarly, Legal & General Group Plc raised its stake by 1.8% in the second quarter, owning 10,504,593 shares valued at over $1.1 billion following the purchase of 190,341 additional shares. Creative Planning, another firm, expanded its ownership by 6.4% in the third quarter, possessing 211,411 shares valued at $26,369,000 after obtaining 12,693 more shares. Moreover, CIBC Asset Management Inc. enhanced its stake by 0.9%, now holding 13,622,472 shares worth around $1.7 billion after acquiring 124,348 new shares. Lastly, Algert Global LLC entered a new position in Royal Bank of Canada during the third quarter, valued at roughly $706,000.

Royal Bank of Canada Stock Performance

The shares of Royal Bank of Canada opened at $126.06 on Tuesday, reflecting a market capitalization of $178.21 billion. The stock features a price-to-earnings ratio of 15.26 and a price-to-earnings-growth ratio of 1.89. Additionally, it has a beta of 0.86. Other important metrics for the bank include a debt-to-equity ratio of 0.11, and both a quick ratio and current ratio of 0.86. Over recent months, the stock has shown an average price of $123.84 over the last 50 days, while the 200-day moving average is $116.32. The stock has fluctuated between a low of $91.77 and a high of $128.05 over the past year.

Dividend Increase

Recently, Royal Bank of Canada announced an increase in its quarterly dividend, scheduled to be paid on Monday, February 24th. Shareholders of record as of January 27th will receive a dividend of $1.0522 per share, which exceeds the previous quarterly dividend of $1.03. This hike translates to an annualized dividend of $4.21, yielding 3.34% based on the current stock price, with the ex-dividend date set for January 27th. Presently, the bank's dividend payout ratio (DPR) stands at 52.91%.

Analyst Opinions

Several analysts have recently shared their views on Royal Bank of Canada. TD Securities downgraded their rating from "buy" to "hold" on November 15th. On November 21st, Barclays upgraded the stock from "equal weight" to "overweight." Meanwhile, BMO Capital Markets adjusted their target price for the stock from $195.00 to $193.00 and rated it as "outperform" in their report on December 5th. In summary, one research analyst has given a sell rating, one a hold rating, six a buy rating, and one a strong buy rating. Based on insights from MarketBeat.com, the consensus rating for the stock is "Moderate Buy," with an average target price set at $156.50.

Understanding Royal Bank of Canada

The Royal Bank of Canada operates as a diversified financial services corporation on a global scale. Its Personal & Commercial Banking segment offers a wide range of services, including checking and savings accounts, home equity financing, personal loans, private banking, mutual funds, and brokerage accounts, among other products. Additionally, the bank provides lending, leasing, investment, and cash management services to small and medium-sized enterprises.

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