Renaissance Technologies LLC Takes Position in Royal Bank of Canada (NYSE:RY)

Renaissance Technologies LLC bought a new stake in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 273,694 shares of the financial services provider's stock, valued at approximately $32,983,000.

A number of other hedge funds have also recently made changes to their positions in RY. WealthTrak Capital Management LLC purchased a new stake in shares of Royal Bank of Canada in the 4th quarter worth $28,000. Roxbury Financial LLC bought a new stake in shares of Royal Bank of Canada in the fourth quarter valued at about $29,000. Kieckhefer Group LLC purchased a new position in Royal Bank of Canada during the 4th quarter valued at about $36,000. Crews Bank & Trust bought a new stake in shares of Royal Bank of Canada in the 4th quarter valued at about $36,000. Finally, Jackson Grant Investment Advisers Inc. purchased a new stake in shares of Royal Bank of Canada in the 4th quarter worth approximately $36,000. 45.31% of the stock is currently owned by institutional investors.

Royal Bank of Canada Stock Up 1.8 %

Shares of RY traded up $2.06 during mid-day trading on Monday, hitting $115.33. 1,175,400 shares of the company traded hands, compared to its average volume of 1,095,642. The company has a market capitalization of $162.81 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.80 and a beta of 0.82. 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 business has a 50 day moving average of $115.05 and a 200 day moving average of $120.04. Royal Bank of Canada has a 1-year low of $95.84 and a 1-year high of $128.05.

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Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be paid 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 3.56%. Royal Bank of Canada's payout ratio is 46.18%.

Analysts Set New Price Targets

RY has been the topic of several research reports. StockNews.com raised shares of Royal Bank of Canada from a "sell" rating to a "hold" rating in a report on Friday, February 28th. CIBC raised Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a research report on Friday, April 4th. Finally, Cibc World Mkts upgraded shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 3rd. Two 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. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $156.50.

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.