Korea Investment CORP Sells 48,439 Shares of Royal Bank of Canada (NYSE:RY)

Korea Investment CORP cut its stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 4.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,084,662 shares of the financial services provider's stock after selling 48,439 shares during the quarter. Korea Investment CORP owned 0.08% of Royal Bank of Canada worth $130,715,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of RY. Dunhill Financial LLC purchased a new position in shares of Royal Bank of Canada during the 3rd quarter valued at about $25,000. Larson Financial Group LLC bought a new stake in shares of Royal Bank of Canada during the 3rd quarter valued at $26,000. Roxbury Financial LLC bought a new position in Royal Bank of Canada in the 4th quarter worth $29,000. Kieckhefer Group LLC purchased a new stake in Royal Bank of Canada in the 4th quarter worth $36,000. Finally, Crews Bank & Trust bought a new stake in Royal Bank of Canada during the fourth quarter valued at about $36,000. 45.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on RY shares. CIBC restated a "neutral" rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. BMO Capital Markets decreased their price objective on 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. 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 analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $156.50.

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Royal Bank of Canada Stock Up 0.5 %

Shares of RY opened at $112.66 on Tuesday. The firm has a fifty day moving average price of $117.27 and a 200-day moving average price of $120.95. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $159.04 billion, a P/E ratio of 13.64, a P/E/G ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a 12-month low of $95.84 and a 12-month high of $128.05.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be given a dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada's dividend payout ratio (DPR) is presently 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.