Mitsubishi UFJ Trust & Banking Corp Acquires 39,600 Shares of Royal Bank of Canada (NYSE:RY)

Mitsubishi UFJ Trust & Banking Corp raised its position in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 450.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,400 shares of the financial services provider's stock after purchasing an additional 39,600 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in Royal Bank of Canada were worth $5,846,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. GQG Partners LLC increased its holdings in Royal Bank of Canada by 0.9% in the fourth quarter. GQG Partners LLC now owns 5,796,767 shares of the financial services provider's stock valued at $698,579,000 after purchasing an additional 51,277 shares during the period. Congress Wealth Management LLC DE acquired a new stake in shares of Royal Bank of Canada in the fourth quarter valued at about $255,000. Vanguard Group Inc. lifted its stake 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 worth $7,136,056,000 after acquiring an additional 1,104,975 shares during the period. LPL Financial LLC boosted its holdings in Royal Bank of Canada by 16.7% in the fourth quarter. LPL Financial LLC now owns 137,608 shares of the financial services provider's stock valued at $16,583,000 after acquiring an additional 19,695 shares during the last quarter. Finally, Guardian Partners Inc. acquired a new position in shares of Royal Bank of Canada in the 4th quarter worth approximately $60,962,000. 45.31% of the stock is owned by institutional investors and hedge funds.

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Royal Bank of Canada Stock Up 0.9 %

Shares of RY traded up $1.06 during trading hours on Thursday, hitting $115.78. The stock had a trading volume of 987,247 shares, compared to its average volume of 1,181,605. The firm has a 50 day simple moving average of $116.97 and a 200-day simple moving average of $120.83. Royal Bank of Canada has a 1-year low of $95.84 and a 1-year high of $128.05. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $163.44 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88.

Royal Bank of Canada Cuts Dividend

The company 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. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada's dividend payout ratio is currently 45.96%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. 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. CIBC reissued a "neutral" rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. Finally, 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 report on Thursday, December 5th. 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price 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.