The Manufacturers Life Insurance Company Has $1.39 Billion Stake in Royal Bank of Canada (NYSE:RY)

The Manufacturers Life Insurance Company decreased its position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 4.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,473,362 shares of the financial services provider's stock after selling 522,138 shares during the period. Royal Bank of Canada accounts for about 1.2% of The Manufacturers Life Insurance Company's investment portfolio, making the stock its 6th largest position. The Manufacturers Life Insurance Company owned about 0.81% of Royal Bank of Canada worth $1,385,233,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. WealthTrak Capital Management LLC bought a new stake in Royal Bank of Canada in the 4th quarter valued at $28,000. Roxbury Financial LLC bought a new stake in shares of Royal Bank of Canada in the fourth quarter worth about $29,000. Optiver Holding B.V. bought a new stake in shares of Royal Bank of Canada in the fourth quarter worth about $35,000. Kieckhefer Group LLC purchased a new stake in shares of Royal Bank of Canada in the fourth quarter worth about $36,000. Finally, Crews Bank & Trust bought a new position in Royal Bank of Canada during the fourth quarter valued at approximately $36,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on RY. StockNews.com raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a research note on Friday, February 28th. CIBC raised shares of Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a research report on Friday, April 4th. Finally, Cibc World Mkts raised shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 3rd. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $156.50.

Royal Bank of Canada Trading Up 0.1 %

NYSE:RY opened at $117.79 on Monday. 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 firm has a 50-day simple moving average of $114.61 and a 200-day simple moving average of $119.66. Royal Bank of Canada has a one year low of $96.52 and a one year high of $128.05. The firm has a market cap of $166.28 billion, a P/E ratio of 14.26, a P/E/G ratio of 1.80 and a beta of 0.82.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be issued a $1.0251 dividend. The ex-dividend date is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.48%. Royal Bank of Canada's dividend payout ratio is presently 46.18%.

Royal Bank of Canada 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.

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