Prudential PLC Reduces Stake in Royal Bank of Canada (NYSE:RY)

Prudential PLC decreased its position in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 35.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 17,247 shares of the financial services provider's stock after selling 9,515 shares during the period. Prudential PLC's holdings in Royal Bank of Canada were worth $2,077,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Financial Management Professionals Inc. raised its holdings in shares of Royal Bank of Canada by 26.8% in the 4th quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider's stock valued at $51,000 after purchasing an additional 90 shares in the last quarter. Ballentine Partners LLC raised its stake in Royal Bank of Canada by 2.2% in the fourth quarter. Ballentine Partners LLC now owns 4,308 shares of the financial services provider's stock worth $519,000 after buying an additional 94 shares in the last quarter. Richardson Financial Services Inc. lifted its holdings 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 worth $37,000 after buying an additional 96 shares during the period. DAVENPORT & Co LLC boosted its position in Royal Bank of Canada by 0.8% during the 4th quarter. DAVENPORT & Co LLC now owns 12,466 shares of the financial services provider's stock valued at $1,502,000 after acquiring an additional 101 shares in the last quarter. Finally, CENTRAL TRUST Co boosted its position in Royal Bank of Canada by 5.3% during the 4th quarter. CENTRAL TRUST Co now owns 2,270 shares of the financial services provider's stock valued at $274,000 after acquiring an additional 115 shares in the last quarter. Institutional investors own 45.31% of the company's stock.

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Analyst Ratings Changes

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

Royal Bank of Canada Stock Performance

RY stock traded up $2.29 during trading on Friday, reaching $112.24. The company had a trading volume of 407,180 shares, compared to its average volume of 1,090,191. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. Royal Bank of Canada has a twelve month low of $95.84 and a twelve month high of $128.05. The company has a market cap of $158.45 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 1.80 and a beta of 0.82. The firm has a 50-day simple moving average of $115.24 and a 200-day simple moving average of $120.20.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be issued a dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada's dividend payout ratio (DPR) is presently 45.96%.

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.