Connor Clark & Lunn Investment Management Ltd. Acquires 14,653 Shares of Royal Bank of Canada (NYSE:RY)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 0.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,191,175 shares of the financial services provider's stock after acquiring an additional 14,653 shares during the period. Royal Bank of Canada accounts for 6.2% of Connor Clark & Lunn Investment Management Ltd.'s portfolio, making the stock its largest holding. Connor Clark & Lunn Investment Management Ltd. owned 0.72% of Royal Bank of Canada worth $1,271,812,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. PCJ Investment Counsel Ltd. grew its holdings in shares of Royal Bank of Canada by 2.7% in the third quarter. PCJ Investment Counsel Ltd. now owns 77,830 shares of the financial services provider's stock valued at $9,713,000 after purchasing an additional 2,060 shares during the period. Prospera Private Wealth LLC bought a new position in Royal Bank of Canada during the third quarter valued at approximately $99,000. Avior Wealth Management LLC raised its position in Royal Bank of Canada by 39.6% during the third quarter. Avior Wealth Management LLC now owns 2,485 shares of the financial services provider's stock valued at $310,000 after acquiring an additional 705 shares in the last quarter. West Family Investments Inc. lifted its holdings in shares of Royal Bank of Canada by 12.1% during the third quarter. West Family Investments Inc. now owns 5,293 shares of the financial services provider's stock valued at $660,000 after acquiring an additional 570 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Royal Bank of Canada by 6.3% in the third quarter. PNC Financial Services Group Inc. now owns 84,045 shares of the financial services provider's stock worth $10,483,000 after purchasing an additional 4,980 shares during the period. 45.31% of the stock is currently owned by institutional investors.

Royal Bank of Canada Stock Performance

Shares of RY stock traded down $1.11 on Wednesday, hitting $121.79. 359,499 shares of the stock traded hands, compared to its average volume of 1,099,274. Royal Bank of Canada has a 1-year low of $85.02 and a 1-year high of $126.96. The company has a market capitalization of $172.17 billion, a PE ratio of 14.70, a PEG ratio of 1.86 and a beta of 0.86. The company's fifty day moving average is $123.37 and its 200 day moving average is $114.27. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87.

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY last released its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.23. The company had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. On average, equities research analysts predict that Royal Bank of Canada will post 8.88 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.38%. Royal Bank of Canada's dividend payout ratio is currently 50.67%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on RY shares. BMO Capital Markets upped their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an "outperform" rating in a research report on Thursday, August 29th. TD Securities cut shares of Royal Bank of Canada from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $142.50.

About Royal Bank of Canada

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.