Prudential Financial Inc. Lowers Holdings in Royal Bank of Canada (NYSE:RY)

Prudential Financial Inc. lessened its stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 50.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,816 shares of the financial services provider's stock after selling 14,024 shares during the quarter. Prudential Financial Inc.'s holdings in Royal Bank of Canada were worth $1,665,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Dunhill Financial LLC acquired a new stake in Royal Bank of Canada in the third quarter valued at $25,000. Roxbury Financial LLC acquired a new position in shares of Royal Bank of Canada during the 4th quarter worth approximately $29,000. Kieckhefer Group LLC purchased a new stake in Royal Bank of Canada in the 4th quarter worth approximately $36,000. Crews Bank & Trust purchased a new stake in shares of Royal Bank of Canada during the 4th quarter valued at $36,000. Finally, Jackson Grant Investment Advisers Inc. purchased a new stake in Royal Bank of Canada during the 4th quarter worth $36,000. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank of Canada Stock Performance

Shares of RY traded down $2.33 during trading hours on Thursday, hitting $111.40. The company had a trading volume of 267,033 shares, compared to its average volume of 1,088,928. Royal Bank of Canada has a 12 month low of $95.84 and a 12 month high of $128.05. The firm has a market cap of $157.26 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 1.80 and a beta of 0.82. The business has a fifty day moving average of $115.41 and a 200-day moving average of $120.30. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11.

Remove Ads

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be issued a dividend of $1.0251 per share. This represents a $4.10 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada's dividend payout ratio (DPR) is presently 45.96%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Cibc World Mkts upgraded shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 3rd. CIBC raised shares of Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a research note on Friday, April 4th. Finally, StockNews.com raised shares of Royal Bank of Canada from a "sell" rating to a "hold" rating in a research note on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $156.50.

Royal Bank of Canada Company 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.