Proficio Capital Partners LLC Acquires New Stake in Royal Bank of Canada (NYSE:RY)

Proficio Capital Partners LLC bought a new stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 48,807 shares of the financial services provider's stock, valued at approximately $5,882,000.

Other hedge funds also recently made changes to their positions in the company. Financial Management Professionals Inc. grew its holdings in Royal Bank of Canada by 26.8% in the fourth quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider's stock worth $51,000 after purchasing an additional 90 shares during the period. Drive Wealth Management LLC grew its stake in shares of Royal Bank of Canada by 3.4% in the 3rd quarter. Drive Wealth Management LLC now owns 2,799 shares of the financial services provider's stock worth $349,000 after buying an additional 92 shares during the last quarter. Ballentine Partners LLC increased its position in Royal Bank of Canada by 2.2% during the 4th quarter. Ballentine Partners LLC now owns 4,308 shares of the financial services provider's stock valued at $519,000 after buying an additional 94 shares in the last quarter. Richardson Financial Services Inc. raised its stake in Royal Bank of Canada by 45.7% during the fourth quarter. Richardson Financial Services Inc. now owns 306 shares of the financial services provider's stock valued at $37,000 after buying an additional 96 shares during the last quarter. Finally, DAVENPORT & Co LLC boosted its holdings in Royal Bank of Canada by 0.8% in the fourth quarter. DAVENPORT & Co LLC now owns 12,466 shares of the financial services provider's stock worth $1,502,000 after acquiring an additional 101 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors.

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Royal Bank of Canada Stock Performance

RY traded down $0.38 during midday trading on Thursday, hitting $113.84. 367,560 shares of the company traded hands, compared to its average volume of 1,003,816. The company's 50-day moving average is $118.11 and its 200 day moving average is $121.38. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $160.70 billion, a PE ratio of 13.79, 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.

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 given 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 3.60%. Royal Bank of Canada's dividend payout ratio (DPR) is 45.96%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RY. StockNews.com upgraded Royal Bank of Canada from a "sell" rating to a "hold" rating in a report on Friday, February 28th. CIBC restated a "neutral" rating on shares of Royal Bank of Canada in a research note on Wednesday, March 5th. Barclays upgraded shares of Royal Bank of Canada from an "equal weight" rating to an "overweight" rating in a research note on Thursday, November 21st. Finally, BMO Capital Markets reduced their price target on shares of 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. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Royal Bank of Canada currently has a consensus rating of "Moderate Buy" and a consensus price target 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.