Connor Clark & Lunn Investment Management Ltd. Acquires 921,276 Shares of Royal Bank of Canada (NYSE:RY)

Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 9.0% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 11,112,451 shares of the financial services provider's stock after purchasing an additional 921,276 shares during the quarter. Royal Bank of Canada makes up approximately 6.1% of Connor Clark & Lunn Investment Management Ltd.'s investment portfolio, making the stock its largest holding. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.79% of Royal Bank of Canada worth $1,338,156,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new position in Royal Bank of Canada during the third quarter worth $25,000. Assetmark Inc. boosted its position in shares of Royal Bank of Canada by 274.5% during the 3rd quarter. Assetmark Inc. now owns 3,775 shares of the financial services provider's stock worth $471,000 after purchasing an additional 2,767 shares in the last quarter. Addison Advisors LLC grew its stake in shares of 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 valued at $118,000 after buying an additional 82 shares during the period. Entropy Technologies LP acquired a new stake in shares of Royal Bank of Canada in the 3rd quarter valued at about $823,000. Finally, Cumberland Partners Ltd increased its position in Royal Bank of Canada by 1.3% in the 3rd quarter. Cumberland Partners Ltd now owns 408,530 shares of the financial services provider's stock valued at $51,039,000 after buying an additional 5,103 shares in the last quarter. Institutional investors own 45.31% of the company's stock.

Remove Ads

Royal Bank of Canada Price Performance

RY traded down $2.40 on Thursday, reaching $108.88. The company had a trading volume of 2,254,515 shares, compared to its average volume of 1,006,645. The business has a 50 day simple moving average of $118.79 and a 200 day simple moving average of $121.51. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $153.99 billion, a price-to-earnings ratio of 13.18, a P/E/G ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be issued a $1.0251 dividend. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 annualized dividend and a dividend yield of 3.77%. Royal Bank of Canada's dividend payout ratio is currently 45.96%.

Analyst Ratings Changes

RY has been the subject of a number of analyst reports. TD Securities cut shares of Royal Bank of Canada from a "buy" rating to a "hold" rating in a report on Friday, November 15th. CIBC reissued a "neutral" rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. BMO Capital Markets cut their price objective on shares of Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating on the stock in a report on Thursday, December 5th. StockNews.com upgraded shares of Royal Bank of Canada from a "sell" rating to a "hold" rating in a report on Friday, February 28th. Finally, Barclays upgraded Royal Bank of Canada from an "equal weight" rating to an "overweight" rating in a research note on Thursday, November 21st. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Royal Bank of Canada has an average rating of "Moderate Buy" and an average price target 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.