Hillsdale Investment Management Inc. Has $106.12 Million Stock Position in Royal Bank of Canada (NYSE:RY)

Hillsdale Investment Management Inc. raised its stake in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 360.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 881,128 shares of the financial services provider's stock after purchasing an additional 689,904 shares during the quarter. Royal Bank of Canada comprises 5.4% of Hillsdale Investment Management Inc.'s holdings, making the stock its biggest position. Hillsdale Investment Management Inc. owned approximately 0.06% of Royal Bank of Canada worth $106,123,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in Royal Bank of Canada by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider's stock worth $427,589,000 after acquiring an additional 64,450 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Royal Bank of Canada in the 4th quarter valued at about $60,034,000. PNC Financial Services Group Inc. boosted its holdings in Royal Bank of Canada by 6.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 84,045 shares of the financial services provider's stock worth $10,483,000 after buying an additional 4,980 shares during the last quarter. Wealth High Governance Capital Ltda purchased a new stake in Royal Bank of Canada during the 4th quarter worth approximately $10,243,000. Finally, Algert Global LLC purchased a new position in shares of Royal Bank of Canada in the third quarter valued at approximately $706,000. 45.31% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several brokerages have issued reports on RY. CIBC restated a "neutral" rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. BMO Capital Markets cut their target price on Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating for the company in a research note on Thursday, December 5th. Finally, StockNews.com raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a research note on Friday, February 28th. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Royal Bank of Canada presently has an average rating of "Moderate Buy" and an average target price of $156.50.

Royal Bank of Canada Stock Down 0.3 %

NYSE RY traded down $0.36 during mid-day trading on Wednesday, reaching $116.29. 748,245 shares of the company's stock traded hands, compared to its average volume of 982,192. 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. The company has a fifty day simple moving average of $117.70 and a 200-day simple moving average of $121.17. The company has a market cap of $164.17 billion, a price-to-earnings ratio of 14.08, a P/E/G ratio of 1.80 and a beta of 0.88.

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 dividend of $1.0251 per share. This represents a $4.10 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada's dividend payout ratio is currently 45.96%.

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.