Raymond James Financial Inc. bought a new position in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 498,167 shares of the financial services provider's stock, valued at approximately $60,034,000.
A number of other hedge funds have also added to or reduced their stakes in RY. Charles Schwab Investment Management Inc. increased its holdings in shares of Royal Bank of Canada by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider's stock worth $427,589,000 after purchasing an additional 64,450 shares during the period. PNC Financial Services Group Inc. increased its stake in Royal Bank of Canada by 6.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 84,045 shares of the financial services provider's stock worth $10,483,000 after acquiring an additional 4,980 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Royal Bank of Canada by 0.9% in the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider's stock valued at $1,706,833,000 after acquiring an additional 124,348 shares in the last quarter. Algert Global LLC bought a new stake in shares of Royal Bank of Canada during the 3rd quarter valued at about $706,000. Finally, Bridgewater Associates LP grew its holdings in shares of Royal Bank of Canada by 150.7% during the third quarter. Bridgewater Associates LP now owns 74,025 shares of the financial services provider's stock worth $9,249,000 after purchasing an additional 44,494 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company's stock.
Royal Bank of Canada Trading Down 2.2 %
NYSE RY traded down $2.40 on Thursday, hitting $108.88. The company's stock had a trading volume of 2,254,515 shares, compared to its average volume of 1,006,645. The firm has a market cap of $153.99 billion, a P/E ratio of 13.18, a PEG 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's 50-day simple moving average is $118.79 and its 200 day simple moving average is $121.51. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11.
Royal Bank of Canada Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be issued a $1.0251 dividend. This represents a $4.10 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada's dividend payout ratio (DPR) is currently 45.96%.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on RY shares. BMO Capital Markets lowered their target price on shares of Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating on the stock in a research note on Thursday, December 5th. Barclays raised Royal Bank of Canada from an "equal weight" rating to an "overweight" rating in a report on Thursday, November 21st. CIBC reissued a "neutral" rating on shares of Royal Bank of Canada in a research note on Wednesday, March 5th. StockNews.com upgraded Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Finally, TD Securities downgraded shares of Royal Bank of Canada from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $156.50.
View Our Latest Report on Royal Bank of Canada
Royal Bank of Canada Profile
(
Free Report)
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.
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