Beutel Goodman & Co Ltd. lowered its position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 20.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,459,760 shares of the financial services provider's stock after selling 1,870,547 shares during the quarter. Royal Bank of Canada accounts for about 4.9% of Beutel Goodman & Co Ltd.'s investment portfolio, making the stock its biggest holding. Beutel Goodman & Co Ltd. owned about 0.53% of Royal Bank of Canada worth $898,987,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Royal Bank of Canada in the 4th quarter valued at approximately $2,425,519,000. Vanguard Group Inc. raised its holdings in Royal Bank of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider's stock worth $7,136,056,000 after acquiring an additional 1,104,975 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Royal Bank of Canada by 9.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider's stock valued at $1,338,156,000 after purchasing an additional 921,276 shares during the last quarter. Mufg Securities Canada LTD. grew its stake in Royal Bank of Canada by 72.0% in the fourth quarter. Mufg Securities Canada LTD. now owns 2,160,865 shares of the financial services provider's stock valued at $260,373,000 after purchasing an additional 904,909 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its holdings in shares of Royal Bank of Canada by 360.8% in the 4th quarter. Hillsdale Investment Management Inc. now owns 881,128 shares of the financial services provider's stock valued at $106,123,000 after buying an additional 689,904 shares during the last quarter. Institutional investors own 45.31% of the company's stock.
Royal Bank of Canada Trading Up 0.5 %
Shares of NYSE:RY traded up $0.52 during trading on Monday, reaching $112.66. The stock had a trading volume of 840,031 shares, compared to its average volume of 1,062,181. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05. The firm's fifty day moving average is $117.43 and its 200 day moving average is $121.03. The stock has a market cap of $159.04 billion, a price-to-earnings ratio of 13.64, a P/E/G ratio of 1.80 and a beta of 0.88. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86.
Royal Bank of Canada Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be issued a dividend of $1.0251 per share. The ex-dividend date is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a yield of 3.64%. Royal Bank of Canada's payout ratio is currently 45.96%.
Analysts Set New Price Targets
Several analysts recently weighed in on RY shares. BMO Capital Markets dropped their price target on Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating for the company in a report on Thursday, December 5th. CIBC reissued a "neutral" rating on shares of Royal Bank of Canada in a report on Wednesday, March 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 equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $156.50.
View Our Latest Stock Report on RY
About Royal Bank of Canada
(
Free Report)
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.
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