Bank of Nova Scotia Decreases Holdings in Royal Bank of Canada (NYSE:RY)

Bank of Nova Scotia trimmed its holdings in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 14.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,552,625 shares of the financial services provider's stock after selling 2,687,035 shares during the quarter. Royal Bank of Canada accounts for about 3.4% of Bank of Nova Scotia's holdings, making the stock its 4th largest position. Bank of Nova Scotia owned about 1.10% of Royal Bank of Canada worth $1,874,892,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its stake in 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 valued at $427,589,000 after acquiring an additional 64,450 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth approximately $60,034,000. Wealth High Governance Capital Ltda purchased a new position in Royal Bank of Canada in the fourth quarter valued at approximately $10,243,000. Jones Financial Companies Lllp grew its holdings in Royal Bank of Canada by 1,322.0% during the fourth quarter. Jones Financial Companies Lllp now owns 4,010 shares of the financial services provider's stock valued at $483,000 after purchasing an additional 3,728 shares during the period. Finally, Geode Capital Management LLC increased its position in Royal Bank of Canada by 9.3% in the third quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider's stock worth $805,616,000 after buying an additional 541,760 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors.

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Royal Bank of Canada Price Performance

RY stock traded up $3.31 during mid-day trading on Friday, reaching $113.26. 1,186,653 shares of the company traded hands, compared to its average volume of 1,095,324. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05. The company has a market capitalization of $159.89 billion, a P/E ratio of 13.71, a P/E/G ratio of 1.80 and a beta of 0.82. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. The company has a fifty day moving average price of $115.13 and a 200-day moving average price of $120.10.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors 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 yield of 3.62%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada's dividend payout ratio (DPR) is presently 45.96%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. StockNews.com raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Cibc World Mkts upgraded Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research note 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 report on Friday, April 4th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Royal Bank of Canada 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.