Summit Global Investments Buys New Holdings in Royal Bank of Canada (NYSE:RY)

Summit Global Investments acquired a new stake in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 40,597 shares of the financial services provider's stock, valued at approximately $4,892,000.

Several other hedge funds also recently added to or reduced their stakes in the business. FMR LLC lifted its stake in shares of Royal Bank of Canada by 75.8% in the 3rd quarter. FMR LLC now owns 17,866,021 shares of the financial services provider's stock valued at $2,229,834,000 after purchasing an additional 7,702,585 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Royal Bank of Canada by 165.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider's stock valued at $361,532,000 after buying an additional 1,804,022 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in Royal Bank of Canada by 9.0% in 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 buying an additional 921,276 shares during the last quarter. William Blair Investment Management LLC purchased a new position in Royal Bank of Canada during the fourth quarter worth about $70,429,000. Finally, Geode Capital Management LLC increased its position in shares of Royal Bank of Canada by 9.3% during the third quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider's stock valued at $805,616,000 after acquiring an additional 541,760 shares during the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Remove Ads

Royal Bank of Canada Stock Down 0.3 %

RY stock traded down $0.36 during midday trading on Wednesday, hitting $116.29. The company's stock had a trading volume of 748,245 shares, compared to its average volume of 980,388. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05. The firm has a 50-day simple moving average of $117.77 and a 200-day simple moving average of $121.21. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $164.17 billion, a P/E ratio of 14.08, a PEG ratio of 1.80 and a beta of 0.88.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be paid a dividend of $1.0251 per share. The ex-dividend date is Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.53%. Royal Bank of Canada's payout ratio is 45.96%.

Analyst Ratings Changes

RY has been the subject of a number of research analyst reports. StockNews.com raised shares of Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. CIBC reaffirmed a "neutral" rating on shares of Royal Bank of Canada in a research note on Wednesday, March 5th. Finally, BMO Capital Markets decreased their target price on Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating on the stock in a research note on Thursday, December 5th. Three 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target 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.