Avanza Fonder AB Buys Shares of 92,690 Royal Bank of Canada (NYSE:RY)

Avanza Fonder AB bought a new stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 92,690 shares of the financial services provider's stock, valued at approximately $11,170,000.

A number of other hedge funds have also made changes to their positions in the business. Addison Advisors LLC boosted its holdings in Royal Bank of Canada by 9.5% in the 3rd quarter. Addison Advisors LLC now owns 945 shares of the financial services provider's stock worth $118,000 after acquiring an additional 82 shares during the period. Mount Yale Investment Advisors LLC boosted its stake in shares of Royal Bank of Canada by 1.6% in the second quarter. Mount Yale Investment Advisors LLC now owns 5,823 shares of the financial services provider's stock valued at $619,000 after purchasing an additional 92 shares during the period. Drive Wealth Management LLC grew its holdings in Royal Bank of Canada by 3.4% during the 3rd quarter. Drive Wealth Management LLC now owns 2,799 shares of the financial services provider's stock valued at $349,000 after purchasing an additional 92 shares in the last quarter. Private Advisor Group LLC increased its stake in Royal Bank of Canada by 1.6% during the 3rd quarter. Private Advisor Group LLC now owns 6,160 shares of the financial services provider's stock worth $768,000 after buying an additional 95 shares during the period. Finally, Leisure Capital Management lifted its holdings in Royal Bank of Canada by 1.1% in the 3rd quarter. Leisure Capital Management now owns 9,366 shares of the financial services provider's stock worth $1,168,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank of Canada Stock Up 0.3 %

Royal Bank of Canada stock traded up $0.38 during midday trading on Friday, hitting $120.46. The stock had a trading volume of 1,588,793 shares, compared to its average volume of 675,270. 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 business has a fifty day moving average price of $122.59 and a 200 day moving average price of $119.31. Royal Bank of Canada has a 12 month low of $93.97 and a 12 month high of $128.05. The stock has a market cap of $170.29 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.77 and a beta of 0.87.

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be given a dividend of $1.0522 per share. This is a positive change from Royal Bank of Canada's previous quarterly dividend of $1.03. This represents a $4.21 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Monday, January 27th. Royal Bank of Canada's dividend payout ratio is currently 50.85%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on RY shares. StockNews.com downgraded Royal Bank of Canada from a "hold" rating to a "sell" rating in a research note on Wednesday, January 1st. Barclays upgraded Royal Bank of Canada from an "equal weight" rating to an "overweight" rating in a research note on Thursday, November 21st. BMO Capital Markets cut their target price on Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating on the stock in a research report on Thursday, December 5th. Finally, TD Securities cut Royal Bank of Canada from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus 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.