Royal Bank of Canada (NYSE:RY) Shares Purchased by Alliancebernstein L.P.

Alliancebernstein L.P. lifted its stake in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 0.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 881,634 shares of the financial services provider's stock after purchasing an additional 7,190 shares during the period. Alliancebernstein L.P. owned about 0.06% of Royal Bank of Canada worth $106,246,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Dunhill Financial LLC purchased a new stake in shares of Royal Bank of Canada during the third quarter worth $25,000. WealthTrak Capital Management LLC acquired a new position in Royal Bank of Canada during the fourth quarter worth about $28,000. Roxbury Financial LLC purchased a new stake in Royal Bank of Canada during the 4th quarter valued at about $29,000. Kieckhefer Group LLC acquired a new stake in Royal Bank of Canada in the 4th quarter valued at about $36,000. Finally, Crews Bank & Trust purchased a new position in Royal Bank of Canada in the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank of Canada Trading Down 3.5 %

RY stock traded down $3.98 during midday trading on Friday, hitting $111.13. 2,439,433 shares of the company's stock were exchanged, compared to its average volume of 1,059,585. Royal Bank of Canada has a 1-year low of $95.84 and a 1-year high of $128.05. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $156.88 billion, a PE ratio of 13.45, a P/E/G ratio of 1.80 and a beta of 0.82. The business has a 50-day simple moving average of $116.60 and a two-hundred day simple moving average of $120.71.

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Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be given a dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada's payout ratio is 45.96%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. CIBC upgraded Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a research report on Friday. BMO Capital Markets cut their target price on Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating for the company in a research note on Thursday, December 5th. Finally, StockNews.com upgraded Royal Bank of Canada from a "sell" rating to a "hold" rating in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $156.50.

Royal Bank of Canada Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.