Pictet Asset Management Holding SA Reduces Stock Position in Royal Bank of Canada (NYSE:RY)

Pictet Asset Management Holding SA reduced its stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 1.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 528,601 shares of the financial services provider's stock after selling 6,281 shares during the quarter. Pictet Asset Management Holding SA's holdings in Royal Bank of Canada were worth $63,702,000 as of its most recent SEC filing.

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

Royal Bank of Canada Stock Performance

Shares of NYSE RY traded up $0.95 during trading on Tuesday, reaching $113.67. 827,574 shares of the stock traded hands, compared to its average volume of 1,061,250. 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 stock has a market capitalization of $160.47 billion, a P/E ratio of 13.76, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05. The company has a 50-day moving average of $117.27 and a 200-day moving average of $120.95.

Remove Ads

Royal Bank of Canada Cuts Dividend

The firm 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. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a yield of 3.61%. Royal Bank of Canada's dividend payout ratio is presently 45.96%.

Analyst Ratings Changes

RY has been the topic of a number of recent analyst reports. BMO Capital Markets dropped their price target 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. CIBC reiterated a "neutral" rating on shares of Royal Bank of Canada in a research note on Wednesday, March 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 investment 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 company's stock. According to MarketBeat, Royal Bank of Canada presently has an average rating of "Moderate Buy" and an average target price of $156.50.

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.