RBC Sees Growing Support from Hedge Funds with New Stake Acquisition

Global Retirement Partners LLC recently acquired a new stake in Royal Bank Of Canada (NYSE:RY), valued at approximately $2.33 million. The fund bought 11,249 shares of RY's stock during the second quarter.

This is not an isolated instance; other hedge funds and institutional investors have also been increasing their stakes in RBC. For example, Harvest Fund Management Co. Ltd purchased a new position worth around $25,000, while Key Financial Inc boosted its holdings by 63%.

As of the current quarter, Royal Bank Of Canada has a market capitalization of $300.44 billion and a debt-to-equity ratio of 0.10. The company reported earnings per share (EPS) of $2.84 for the latest quarter, beating the consensus estimate by $0.03.

Royal Bank Of Canada also recently announced a quarterly dividend increase, with shareholders set to receive $1.76 per share on August 24th. This represents a $7.04 annualized dividend and a dividend yield of 3.2%.