Wells Fargo & Company MN Buys 26,905 Shares of Royal Bank of Canada (NYSE:RY)

Wells Fargo & Company MN grew its stake in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 14.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 219,679 shares of the financial services provider's stock after acquiring an additional 26,905 shares during the period. Wells Fargo & Company MN's holdings in Royal Bank of Canada were worth $26,473,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RY. Vanguard Group Inc. boosted its stake in Royal Bank of Canada by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider's stock valued at $7,136,056,000 after buying an additional 1,104,975 shares in the last quarter. Norges Bank acquired a new stake in shares of Royal Bank of Canada during the 4th quarter valued at $2,425,519,000. Connor Clark & Lunn Investment Management Ltd. grew its position in Royal Bank of Canada by 9.0% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider's stock worth $1,338,156,000 after acquiring an additional 921,276 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Royal Bank of Canada by 31.2% during the fourth quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider's stock valued at $1,027,061,000 after purchasing an additional 1,991,364 shares in the last quarter. Finally, GQG Partners LLC increased its position in Royal Bank of Canada by 0.9% in the 4th quarter. GQG Partners LLC now owns 5,796,767 shares of the financial services provider's stock valued at $698,579,000 after acquiring an additional 51,277 shares during the period. 45.31% of the stock is owned by institutional investors and hedge funds.

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Royal Bank of Canada Stock Performance

RY stock traded up $2.06 during mid-day trading on Monday, hitting $115.33. The company had a trading volume of 1,175,400 shares, compared to its average volume of 1,095,642. 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 market cap of $162.81 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.80 and a beta of 0.82. The stock's fifty day moving average price is $115.05 and its two-hundred day moving average price is $120.04. Royal Bank of Canada has a 12 month low of $95.84 and a 12 month high of $128.05.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be issued a $1.0251 dividend. This represents a $4.10 annualized dividend and a yield of 3.56%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada's dividend payout ratio (DPR) is currently 46.18%.

Analyst Upgrades and Downgrades

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

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.