Massachusetts Financial Services Co. MA Cuts Stock Holdings in Royal Bank of Canada (NYSE:RY)

Massachusetts Financial Services Co. MA reduced its stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 3.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,627,651 shares of the financial services provider's stock after selling 83,951 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.19% of Royal Bank of Canada worth $316,658,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Royal Bank of Canada by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider's stock valued at $7,136,056,000 after purchasing an additional 1,104,975 shares during the period. Norges Bank acquired a new position in Royal Bank of Canada in the 4th quarter valued at about $2,425,519,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings 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 valued at $1,338,156,000 after purchasing an additional 921,276 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Royal Bank of Canada by 31.2% in the 4th quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider's stock valued at $1,027,061,000 after buying an additional 1,991,364 shares during the period. Finally, GQG Partners LLC increased its holdings in shares of Royal Bank of Canada by 0.9% during the 4th quarter. GQG Partners LLC now owns 5,796,767 shares of the financial services provider's stock worth $698,579,000 after buying an additional 51,277 shares during the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

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Royal Bank of Canada Trading Down 3.5 %

Shares of NYSE RY traded down $3.98 during trading on Friday, reaching $111.13. The stock had a trading volume of 2,439,433 shares, compared to its average volume of 1,059,585. 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 $156.88 billion, a P/E ratio of 13.45, a PEG ratio of 1.80 and a beta of 0.82. Royal Bank of Canada has a fifty-two week low of $95.84 and a fifty-two week high of $128.05. The business's 50-day moving average price is $116.60 and its 200-day moving average price is $120.71.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be paid a dividend of $1.0251 per share. The ex-dividend date is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a yield of 3.69%. Royal Bank of Canada's dividend payout ratio (DPR) is presently 45.96%.

Analyst Ratings Changes

Several brokerages recently weighed in on RY. BMO Capital Markets lowered their price objective on 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. CIBC raised Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a research note on Friday. Finally, StockNews.com raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Royal Bank of Canada presently has a consensus rating of "Moderate Buy" and a consensus price target of $156.50.

Royal Bank of Canada Company 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.