Summit Financial LLC Buys 5,283 Shares of Royal Bank of Canada (NYSE:RY)

Summit Financial LLC lifted its stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 163.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,519 shares of the financial services provider's stock after acquiring an additional 5,283 shares during the period. Summit Financial LLC's holdings in Royal Bank of Canada were worth $1,027,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of RY. Dunhill Financial LLC bought a new position in shares of Royal Bank of Canada in the third quarter valued at approximately $25,000. Roxbury Financial LLC bought a new stake in shares of Royal Bank of Canada in the 4th quarter valued at $29,000. WealthTrak Capital Management LLC bought a new position in Royal Bank of Canada in the fourth quarter valued at approximately $28,000. Jackson Grant Investment Advisers Inc. acquired a new position in shares of Royal Bank of Canada during the fourth quarter worth about $36,000. Finally, Kieckhefer Group LLC acquired a new position in Royal Bank of Canada during the fourth quarter worth $36,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock traded down $3.98 during mid-day trading on Friday, hitting $111.13. 2,439,433 shares of the stock were exchanged, compared to its average volume of 1,060,685. Royal Bank of Canada has a 12 month low of $95.84 and a 12 month high of $128.05. The company has a 50-day simple moving average of $116.60 and a 200 day simple moving average of $120.69. The company has a market capitalization of $156.88 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.80 and a beta of 0.82. 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 company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be paid a $1.0251 dividend. The ex-dividend date is Thursday, April 24th. This represents a $4.10 annualized dividend and a dividend yield of 3.69%. Royal Bank of Canada's payout ratio is presently 45.96%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. StockNews.com raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Cibc World Mkts raised shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday. Finally, CIBC upgraded Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a research note on Friday. Two analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $156.50.

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.