Norges Bank Purchases New Position in Royal Bank of Canada (NYSE:RY)

Norges Bank acquired a new position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 20,142,235 shares of the financial services provider's stock, valued at approximately $2,425,519,000. Norges Bank owned approximately 1.42% of Royal Bank of Canada as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of RY. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Royal Bank of Canada by 165.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider's stock worth $361,532,000 after acquiring an additional 1,804,022 shares during the last quarter. Vanguard Group Inc. raised its position in Royal Bank of Canada by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider's stock worth $7,136,056,000 after purchasing an additional 1,104,975 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of 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 worth $1,338,156,000 after purchasing an additional 921,276 shares during the period. Mufg Securities Canada LTD. grew its stake in Royal Bank of Canada by 72.0% during the fourth quarter. Mufg Securities Canada LTD. now owns 2,160,865 shares of the financial services provider's stock worth $260,373,000 after purchasing an additional 904,909 shares during the period. Finally, Hillsdale Investment Management Inc. grew its holdings in Royal Bank of Canada by 360.8% in the fourth quarter. Hillsdale Investment Management Inc. now owns 881,128 shares of the financial services provider's stock worth $106,123,000 after purchasing an additional 689,904 shares during the period. 45.31% of the stock is owned by institutional investors.

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Royal Bank of Canada Stock Performance

Shares of RY traded up $0.31 on Monday, reaching $112.45. 270,499 shares of the company's stock traded hands, compared to its average volume of 1,059,976. The stock's 50 day simple moving average is $117.43 and its two-hundred day simple moving average is $121.03. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05. The stock has a market cap of $158.74 billion, a PE ratio of 13.62, a PEG ratio of 1.80 and a beta of 0.88.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be issued 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 3.65%. Royal Bank of Canada's dividend payout ratio (DPR) is presently 45.96%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RY. BMO Capital Markets lowered 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. CIBC restated a "neutral" rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. Finally, StockNews.com upgraded Royal Bank of Canada from a "sell" rating to a "hold" rating in a research note on Friday, February 28th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Royal Bank of Canada currently has an average rating of "Moderate Buy" and a consensus 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.