Royal Bank of Canada (NYSE:RY) Sees Significant Decrease in Short Interest

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY was the recipient of a significant decline in short interest in February. As of February 15th, there was short interest totalling 10,560,000 shares, a decline of 14.5% from the January 31st total of 12,350,000 shares. Based on an average daily trading volume, of 1,050,000 shares, the days-to-cover ratio is presently 10.1 days. Approximately 0.8% of the shares of the stock are short sold.

Hedge Funds Weigh In On Royal Bank of Canada

A number of institutional investors have recently made changes to their positions in RY. Norges Bank acquired a new position in shares of Royal Bank of Canada in the fourth quarter worth $2,425,519,000. FMR LLC raised its holdings in shares of Royal Bank of Canada by 75.8% in the third quarter. FMR LLC now owns 17,866,021 shares of the financial services provider's stock worth $2,229,834,000 after acquiring an additional 7,702,585 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Royal Bank of Canada by 31.2% in the fourth quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider's stock worth $1,027,061,000 after acquiring an additional 1,991,364 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Royal Bank of Canada by 165.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider's stock worth $361,532,000 after acquiring an additional 1,804,022 shares during the last quarter. Finally, APG Asset Management N.V. raised its holdings in shares of Royal Bank of Canada by 1,600.9% in the fourth quarter. APG Asset Management N.V. now owns 1,427,075 shares of the financial services provider's stock worth $166,084,000 after acquiring an additional 1,343,174 shares during the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Barclays upgraded Royal Bank of Canada from an "equal weight" rating to an "overweight" rating in a research note on Thursday, November 21st. BMO Capital Markets decreased 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. 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 Royal Bank of Canada from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $156.50.

Royal Bank of Canada Price Performance

Shares of NYSE RY traded up $0.83 during trading on Friday, reaching $115.07. The company had a trading volume of 789,246 shares, compared to its average volume of 1,275,468. Royal Bank of Canada has a twelve month low of $95.84 and a twelve month high of $128.05. The stock has a market capitalization of $162.74 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. The stock has a 50-day moving average price of $119.55 and a two-hundred day moving average price of $121.65. 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. Stockholders of record on Thursday, April 24th will be issued a $1.0251 dividend. The ex-dividend date is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.56%. Royal Bank of Canada's dividend payout ratio (DPR) is 45.96%.

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.