Royal Bank of Canada (NYSE:RY) Stock Holdings Trimmed by Canoe Financial LP

Canoe Financial LP reduced its stake in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 5.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,214,397 shares of the financial services provider's stock after selling 76,615 shares during the quarter. Royal Bank of Canada comprises approximately 3.6% of Canoe Financial LP's portfolio, making the stock its 8th largest holding. Canoe Financial LP owned about 0.09% of Royal Bank of Canada worth $150,810,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mount Yale Investment Advisors LLC lifted its holdings in shares of Royal Bank of Canada by 1.6% during the second quarter. Mount Yale Investment Advisors LLC now owns 5,823 shares of the financial services provider's stock worth $619,000 after purchasing an additional 92 shares during the period. Private Advisor Group LLC lifted its stake in shares of Royal Bank of Canada by 1.6% in the 3rd quarter. Private Advisor Group LLC now owns 6,160 shares of the financial services provider's stock worth $768,000 after acquiring an additional 95 shares during the period. Shell Asset Management Co. boosted its holdings in shares of Royal Bank of Canada by 3.8% in the first quarter. Shell Asset Management Co. now owns 2,711 shares of the financial services provider's stock valued at $274,000 after acquiring an additional 100 shares in the last quarter. HB Wealth Management LLC increased its stake in shares of Royal Bank of Canada by 1.9% during the second quarter. HB Wealth Management LLC now owns 5,287 shares of the financial services provider's stock worth $562,000 after acquiring an additional 100 shares during the period. Finally, Leisure Capital Management raised its holdings in Royal Bank of Canada by 1.1% during the third quarter. Leisure Capital Management now owns 9,366 shares of the financial services provider's stock worth $1,168,000 after purchasing an additional 100 shares in the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on RY. StockNews.com downgraded Royal Bank of Canada from a "hold" rating to a "sell" rating in a research note on Saturday, July 20th. BMO Capital Markets boosted their target price on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an "outperform" rating in a research report on Thursday, August 29th. Finally, UBS Group started coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a "buy" rating for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $142.50.

Royal Bank of Canada Price Performance

Shares of RY stock traded up $1.57 during mid-day trading on Monday, reaching $124.03. The stock had a trading volume of 699,219 shares, compared to its average volume of 1,087,309. Royal Bank of Canada has a 12-month low of $79.03 and a 12-month high of $126.96. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The business has a 50-day simple moving average of $121.75 and a 200 day simple moving average of $111.30. The company has a market cap of $175.34 billion, a P/E ratio of 14.99, a price-to-earnings-growth ratio of 2.00 and a beta of 0.86.

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.23. The company had revenue of $10.68 billion during the quarter, compared to analysts' expectations of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. On average, sell-side analysts anticipate that Royal Bank of Canada will post 8.91 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be issued a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.32%. Royal Bank of Canada's dividend payout ratio (DPR) is presently 50.79%.

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.