Royal Bank of Canada (NYSE:RY) Shares Purchased by Summit Financial LLC

Summit Financial LLC grew its stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 163.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 8,519 shares of the financial services provider's stock after buying an additional 5,283 shares during the quarter. Summit Financial LLC's holdings in Royal Bank of Canada were worth $1,027,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in RY. Financial Management Professionals Inc. increased its holdings in Royal Bank of Canada by 26.8% in the fourth quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider's stock valued at $51,000 after buying an additional 90 shares during the last quarter. Ballentine Partners LLC increased its holdings in shares of Royal Bank of Canada by 2.2% in the 4th quarter. Ballentine Partners LLC now owns 4,308 shares of the financial services provider's stock valued at $519,000 after acquiring an additional 94 shares during the last quarter. Richardson Financial Services Inc. increased its stake in Royal Bank of Canada by 45.7% in the fourth quarter. Richardson Financial Services Inc. now owns 306 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 96 shares during the last quarter. DAVENPORT & Co LLC raised its holdings in Royal Bank of Canada by 0.8% during the fourth quarter. DAVENPORT & Co LLC now owns 12,466 shares of the financial services provider's stock worth $1,502,000 after purchasing an additional 101 shares in the last quarter. Finally, CENTRAL TRUST Co lifted its position in shares of Royal Bank of Canada by 5.3% during the 4th quarter. CENTRAL TRUST Co now owns 2,270 shares of the financial services provider's stock worth $274,000 after buying an additional 115 shares during the last quarter. Hedge funds and other institutional investors own 45.31% of the company's stock.

Remove Ads

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RY shares. CIBC reissued a "neutral" rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. BMO Capital Markets lowered their target price on shares of 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. Finally, StockNews.com upgraded shares of Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Royal Bank of Canada has a consensus rating of "Moderate Buy" and an average target price of $156.50.

Royal Bank of Canada Stock Performance

Shares of NYSE:RY traded up $0.48 during trading on Thursday, reaching $115.20. The company had a trading volume of 1,831,288 shares, compared to its average volume of 1,059,997. Royal Bank of Canada has a fifty-two week low of $95.84 and a fifty-two week high of $128.05. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. The stock's fifty day moving average price is $116.83 and its 200 day moving average price is $120.79. The firm has a market capitalization of $162.63 billion, a price-to-earnings ratio of 13.95, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed 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 of this dividend is Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.56%. Royal Bank of Canada's dividend payout ratio is currently 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.