Royal Bank of Canada (NYSE:RY) Position Trimmed by CIBC Asset Management Inc

CIBC Asset Management Inc lowered its stake in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 2.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,327,699 shares of the financial services provider's stock after selling 294,773 shares during the period. Royal Bank of Canada accounts for about 5.3% of CIBC Asset Management Inc's investment portfolio, making the stock its biggest holding. CIBC Asset Management Inc owned approximately 0.94% of Royal Bank of Canada worth $1,608,487,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of RY. Capital Performance Advisors LLP purchased a new stake in shares of Royal Bank of Canada during the 3rd quarter valued at $25,000. Dunhill Financial LLC purchased a new stake in shares of Royal Bank of Canada during the 3rd quarter valued at $25,000. Larson Financial Group LLC purchased a new stake in shares of Royal Bank of Canada during the 3rd quarter valued at $26,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Royal Bank of Canada by 110.3% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 118 shares during the last quarter. Finally, Roxbury Financial LLC purchased a new stake in shares of Royal Bank of Canada during the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank of Canada Stock Performance

RY traded down $1.04 during midday trading on Thursday, hitting $119.51. 663,483 shares of the company were exchanged, compared to its average volume of 1,230,378. The company's 50 day simple moving average is $120.71 and its 200 day simple moving average is $121.02. The firm has a market capitalization of $169.03 billion, a price-to-earnings ratio of 14.47, a price-to-earnings-growth ratio of 1.81 and a beta of 0.87. 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 has a 1-year low of $95.84 and a 1-year high of $128.05.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, January 27th will be given a dividend of $1.0522 per share. The ex-dividend date of this dividend is Monday, January 27th. This is a boost from Royal Bank of Canada's previous quarterly dividend of $1.03. This represents a $4.21 dividend on an annualized basis and a dividend yield of 3.52%. Royal Bank of Canada's dividend payout ratio (DPR) is 49.76%.

Analyst Ratings Changes

Several equities analysts recently issued reports on RY shares. StockNews.com downgraded Royal Bank of Canada from a "hold" rating to a "sell" rating in a research report on Wednesday, January 1st. BMO Capital Markets cut their target price on Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating on the stock in a research report on Thursday, December 5th. TD Securities downgraded Royal Bank of Canada from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. Finally, Barclays raised Royal Bank of Canada from an "equal weight" rating to an "overweight" rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Royal Bank of Canada presently has a consensus rating of "Moderate Buy" and an average 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.