Principal Financial Group Inc. Sells 5,900 Shares of Royal Bank of Canada (NYSE:RY)

Principal Financial Group Inc. cut its position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 10.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 53,200 shares of the financial services provider's stock after selling 5,900 shares during the quarter. Principal Financial Group Inc.'s holdings in Royal Bank of Canada were worth $6,647,000 as of its most recent filing with the SEC.

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

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock traded down $0.83 on Thursday, reaching $119.68. The stock had a trading volume of 795,964 shares, compared to its average volume of 1,066,202. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The business's 50-day moving average price is $123.28 and its two-hundred day moving average price is $118.14. The stock has a market cap of $169.19 billion, a P/E ratio of 14.49, a price-to-earnings-growth ratio of 1.86 and a beta of 0.86. Royal Bank of Canada has a fifty-two week low of $93.97 and a fifty-two week high of $128.05.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be given a $1.0522 dividend. This is an increase from Royal Bank of Canada's previous quarterly dividend of $1.03. This represents a $4.21 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend is Monday, January 27th. Royal Bank of Canada's payout ratio is currently 52.91%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. TD Securities downgraded shares of Royal Bank of Canada from a "buy" rating to a "hold" rating in a research note on Friday, November 15th. StockNews.com lowered Royal Bank of Canada from a "hold" rating to a "sell" rating in a research report on Wednesday. BMO Capital Markets decreased their price objective on Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating for the company in a research report on Thursday, December 5th. Finally, Barclays upgraded Royal Bank of Canada from an "equal weight" rating to an "overweight" rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $156.50.

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.