Fiera Capital Boosts Royal Caribbean Stake by 32% in Q4

Fiera Capital Corp raised its position in Royal Caribbean Cruises Ltd. by 32.3% in the fourth quarter, ending the period with 65,049 shares valued at about $18.1 million, according to its latest filing with the U.S. Securities and Exchange Commission. The firm bought an additional 15,898 shares during the quarter, adding to an ownership base in which institutional investors and hedge funds hold 87.53% of RCL stock.

The filing gives a delayed snapshot of institutional positioning. Fiera reported about C$160.2 billion in assets under management as of March 31, while Form 13F disclosures are required for institutional investment managers with at least $100 million in covered U.S. securities and report holdings as of quarter-end.

Institutional positions expanded beyond Fiera

Several larger investors also increased positions in Royal Caribbean during recent reporting periods. Capital International Investors lifted its stake by 9.8% in the fourth quarter to 36.2 million shares worth about $10.1 billion, while Capital Research Global Investors increased its holdings by 4.8% to 20.2 million shares valued at about $5.6 billion.

Norges Bank opened a new Royal Caribbean position valued at about $456.8 million. Nordea Investment Management increased its stake by 135.0% to 1.3 million shares, and Ameriprise Financial raised its holdings by 163.7% to 1.1 million shares. In a separate filing, Axxcess Wealth Management reported a 191.0% increase in its RCL position to 6,422 shares worth about $1.8 million.

The institutional additions came alongside insider selling. Director Arne Alexander Wilhelmsen sold 245,476 shares on Feb. 27 at an average price of $311.54, a transaction valued at about $76.5 million. Over the past 90 days, insiders sold 771,607 shares worth about $243.6 million, while company insiders own 6.44% of Royal Caribbean’s stock.

Earnings beat and 2026 guidance

Royal Caribbean reported first-quarter earnings per share of $3.60 on April 30, ahead of the $3.20 analyst consensus. Revenue was $4.45 billion, slightly below estimates of $4.46 billion, but up 11.3% from the prior-year quarter; the company also reported a 24.36% net margin and 45.25% return on equity.

CEO Jason Liberty told investors the quarter included a “record WAVE season.” Additional operating metrics cited by investor analysis showed a 109% load factor, net income of $941 million and an adjusted EBITDA margin of 38.2%.

The earnings performance covers a group whose core cruise brands include Royal Caribbean International, Celebrity Cruises and Silversea, along with 50% joint venture interests in TUI Cruises and Hapag-Lloyd Cruises. Royal Caribbean International lists 30 ships on its fleet page, while the group’s overall fleet numbers roughly 63 to 69 ships.

Royal Caribbean has set second-quarter 2026 EPS guidance at $3.83 to $3.93 and full-year 2026 guidance at $17.10 to $17.50. Its Perfecta Program targets 20% compound annual growth in adjusted EPS versus 2024 and high-teens return on invested capital by the end of 2027, along with a target leverage ratio below 3.0x.

Ratings remain broadly positive despite risk factors

MarketBeat’s aggregated analyst data put Royal Caribbean at an average rating of “Moderate Buy,” with one Strong Buy rating, 14 Buy ratings, five Hold ratings and one Sell rating. The average target price stood at $344.79.

Wells Fargo raised its price target to $360 with an overweight rating, Barclays lowered its target to $340 while also keeping an overweight rating, Stifel Nicolaus set a $410 target, and Truist Financial cut its target to $297 with a hold rating.

RCL opened Tuesday at $271.96, down 2.9%, with a market capitalization of $72.94 billion. The shares had a 52-week range of $232.10 to $366.50, a price-to-earnings ratio of 16.59 and a debt-to-equity ratio of 1.96.

Investor analysis by 24/7 Wall St. named several watch points for the stock, including Mexico’s intent to deny the Perfect Day Mexico environmental permit, higher fuel costs, scheduled debt maturities of $3.2 billion in 2026 and $2.6 billion in 2027, and pressure on Mediterranean bookings in March and April from geopolitical risk. The same analysis cited a $0.62-per-share fuel headwind versus prior guidance, partly offset by 59% hedging.

Royal Caribbean’s next scheduled shareholder payment is a $1.50 quarterly dividend due July 2. Stockholders of record on June 3 qualify for the payout, which equates to $6.00 a share on an annualized basis.