Intact Investment Management Inc. Has $40.34 Million Stock Holdings in Royal Bank of Canada (NYSE:RY)

Intact Investment Management Inc. boosted its holdings in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 7.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 334,585 shares of the financial services provider's stock after purchasing an additional 24,245 shares during the quarter. Royal Bank of Canada makes up about 1.4% of Intact Investment Management Inc.'s investment portfolio, making the stock its 17th largest holding. Intact Investment Management Inc.'s holdings in Royal Bank of Canada were worth $40,337,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in RY. Dunhill Financial LLC bought a new position in shares of Royal Bank of Canada in the 3rd quarter worth about $25,000. Larson Financial Group LLC acquired a new stake in Royal Bank of Canada during the third quarter worth about $26,000. Roxbury Financial LLC bought a new position in Royal Bank of Canada in the fourth quarter worth about $29,000. Kieckhefer Group LLC acquired a new position in Royal Bank of Canada in the fourth quarter valued at approximately $36,000. Finally, Crews Bank & Trust bought a new position in shares of Royal Bank of Canada during the fourth quarter valued at approximately $36,000. Institutional investors and hedge funds own 45.31% of the company's stock.

Analyst Ratings Changes

Several analysts recently issued reports on RY shares. StockNews.com raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a report on Friday, February 28th. 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 note on Thursday, December 5th. CIBC reissued a "neutral" rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. Finally, Barclays upgraded shares of Royal Bank of Canada from an "equal weight" rating to an "overweight" rating in a research report on Thursday, November 21st. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $156.50.

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Royal Bank of Canada Price Performance

NYSE RY traded down $0.27 on Tuesday, reaching $112.45. 692,436 shares of the stock traded hands, compared to its average volume of 1,002,661. Royal Bank of Canada has a 12 month low of $95.84 and a 12 month high of $128.05. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The firm's fifty day simple moving average is $118.44 and its 200 day simple moving average is $121.49. The company has a market cap of $158.74 billion, a price-to-earnings ratio of 13.61, a P/E/G ratio of 1.80 and a beta of 0.88.

Royal Bank of Canada Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors 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 dividend on an annualized basis and a dividend yield of 3.65%. Royal Bank of Canada's payout ratio is currently 45.96%.

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.