Clearbridge Investments LLC reduced its holdings in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 10.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,523,267 shares of the financial services provider's stock after selling 179,308 shares during the period. Clearbridge Investments LLC owned 0.11% of Royal Bank of Canada worth $183,569,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in RY. Norges Bank bought a new stake in Royal Bank of Canada in the fourth quarter worth about $2,425,519,000. Vanguard Group Inc. lifted its position in Royal Bank of Canada by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider's stock worth $7,136,056,000 after buying an additional 1,104,975 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in Royal Bank of Canada by 9.0% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider's stock worth $1,338,156,000 after purchasing an additional 921,276 shares during the period. Mufg Securities Canada LTD. lifted its stake in shares of Royal Bank of Canada by 72.0% in the 4th quarter. Mufg Securities Canada LTD. now owns 2,160,865 shares of the financial services provider's stock valued at $260,373,000 after acquiring an additional 904,909 shares during the last quarter. Finally, Hillsdale Investment Management Inc. grew its position in Royal Bank of Canada by 360.8% during the 4th quarter. Hillsdale Investment Management Inc. now owns 881,128 shares of the financial services provider's stock worth $106,123,000 after acquiring an additional 689,904 shares during the last quarter. Institutional investors and hedge funds own 45.31% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. BMO Capital Markets cut their price objective 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. CIBC reaffirmed a "neutral" rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. Finally, StockNews.com upgraded shares of Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $156.50.
Check Out Our Latest Stock Analysis on RY
Royal Bank of Canada Stock Performance
Shares of Royal Bank of Canada stock traded up $0.91 during midday trading on Wednesday, hitting $114.56. The company had a trading volume of 856,249 shares, compared to its average volume of 1,062,407. The stock has a market cap of $161.72 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.80 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 12-month low of $95.84 and a 12-month high of $128.05. The company has a fifty day simple moving average of $117.10 and a 200 day simple moving average of $120.88.
Royal Bank of Canada Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be issued a dividend of $1.0251 per share. The ex-dividend date is Thursday, April 24th. This represents a $4.10 annualized dividend and a dividend yield of 3.58%. Royal Bank of Canada's dividend payout ratio is presently 45.96%.
About Royal Bank of Canada
(
Free Report)
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.
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