Royal Bank of Canada (NYSE:RY) is Bank of Nova Scotia Trust Co.'s Largest Position

Bank of Nova Scotia Trust Co. decreased its position in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 0.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 661,442 shares of the financial services provider's stock after selling 3,744 shares during the quarter. Royal Bank of Canada accounts for approximately 8.4% of Bank of Nova Scotia Trust Co.'s portfolio, making the stock its largest position. Bank of Nova Scotia Trust Co.'s holdings in Royal Bank of Canada were worth $79,710,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in Royal Bank of Canada by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider's stock worth $427,589,000 after buying an additional 64,450 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Royal Bank of Canada in the fourth quarter valued at $60,034,000. Wealth High Governance Capital Ltda purchased a new position in Royal Bank of Canada in the fourth quarter valued at $10,243,000. Jones Financial Companies Lllp grew its stake in Royal Bank of Canada by 1,322.0% during the 4th quarter. Jones Financial Companies Lllp now owns 4,010 shares of the financial services provider's stock worth $483,000 after purchasing an additional 3,728 shares in the last quarter. Finally, APG Asset Management N.V. raised its position in Royal Bank of Canada by 1,600.9% in the 4th quarter. APG Asset Management N.V. now owns 1,427,075 shares of the financial services provider's stock valued at $166,084,000 after purchasing an additional 1,343,174 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. StockNews.com raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Cibc World Mkts upgraded shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 3rd. Finally, CIBC raised Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a report on Friday, April 4th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Royal Bank of Canada presently has a consensus rating of "Buy" and a consensus price target of $156.50.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock traded down $0.19 on Wednesday, hitting $117.78. The stock had a trading volume of 1,099,748 shares, compared to its average volume of 1,361,231. The stock has a market cap of $166.26 billion, a price-to-earnings ratio of 14.26, a P/E/G ratio of 1.80 and a beta of 0.82. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05. The company's 50 day moving average price is $114.73 and its 200 day moving average price is $119.76.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be given a $1.0251 dividend. This represents a $4.10 annualized dividend and a yield of 3.48%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada's dividend payout ratio (DPR) is presently 46.18%.

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.