Canoe Financial LP Cuts Holdings in Royal Bank of Canada (NYSE:RY)

Canoe Financial LP trimmed its position in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 1.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,202,099 shares of the financial services provider's stock after selling 12,298 shares during the period. Royal Bank of Canada accounts for 2.1% of Canoe Financial LP's portfolio, making the stock its 14th biggest position. Canoe Financial LP owned approximately 0.09% of Royal Bank of Canada worth $144,843,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. FMR LLC raised its holdings in Royal Bank of Canada by 75.8% in the third quarter. FMR LLC now owns 17,866,021 shares of the financial services provider's stock worth $2,229,834,000 after buying an additional 7,702,585 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Royal Bank of Canada by 165.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider's stock valued at $361,532,000 after acquiring an additional 1,804,022 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Royal Bank of Canada in the third quarter worth approximately $153,217,000. Geode Capital Management LLC raised its holdings in shares of Royal Bank of Canada by 9.3% during the third quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider's stock valued at $805,616,000 after purchasing an additional 541,760 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in Royal Bank of Canada by 18.2% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,336,354 shares of the financial services provider's stock valued at $291,925,000 after purchasing an additional 359,719 shares during the period. Institutional investors own 45.31% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on RY. BMO Capital Markets cut their target price on shares of Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating for the company in a research report on Thursday, December 5th. TD Securities downgraded Royal Bank of Canada from a "buy" rating to a "hold" rating in a report on Friday, November 15th. StockNews.com downgraded Royal Bank of Canada from a "hold" rating to a "sell" rating in a research note on Wednesday, January 1st. Finally, Barclays raised shares of Royal Bank of Canada from an "equal weight" rating to an "overweight" rating in a research report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $156.50.

Royal Bank of Canada Stock Performance

NYSE RY traded up $0.38 on Friday, reaching $120.46. 1,588,793 shares of the stock were exchanged, compared to its average volume of 675,270. The firm has a market capitalization of $170.29 billion, a PE ratio of 14.58, a PEG ratio of 1.77 and a beta of 0.87. Royal Bank of Canada has a one year low of $93.97 and a one year high of $128.05. The company's 50-day simple moving average is $122.59 and its two-hundred day simple moving average is $119.40. 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 Increases Dividend

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

About Royal Bank of Canada

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.