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Horizon Investments LLC Makes New $2.02 Million Investment in Royal Bank of Canada (NYSE:RY)

Horizon Investments LLC bought a new position in Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 18,277 shares of the financial services provider’s stock, valued at approximately $2,015,000.

Several other large investors also recently added to or reduced their stakes in RY. Norges Bank bought a new stake in Royal Bank of Canada in the fourth quarter worth approximately $1,635,969,000. Beutel Goodman & Co Ltd. lifted its stake in shares of Royal Bank of Canada by 32.9% in the first quarter. Beutel Goodman & Co Ltd. now owns 11,225,245 shares of the financial services provider’s stock worth $1,236,429,000 after buying an additional 2,779,909 shares during the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Royal Bank of Canada by 75.7% in the first quarter. Canada Pension Plan Investment Board now owns 4,480,800 shares of the financial services provider’s stock worth $493,765,000 after buying an additional 1,930,800 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Royal Bank of Canada by 3.2% in the first quarter. Vanguard Group Inc. now owns 48,531,311 shares of the financial services provider’s stock worth $5,351,548,000 after buying an additional 1,503,485 shares during the last quarter. Finally, Alberta Investment Management Corp lifted its stake in shares of Royal Bank of Canada by 38.4% in the fourth quarter. Alberta Investment Management Corp now owns 4,159,663 shares of the financial services provider’s stock worth $442,097,000 after buying an additional 1,154,200 shares during the last quarter. 40.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RY. Keefe, Bruyette & Woods cut shares of Royal Bank of Canada from a “market perform” rating to an “underperform” rating and reduced their price objective for the stock from C$132.00 to C$118.00 in a research note on Monday, August 8th. BMO Capital Markets reduced their price objective on shares of Royal Bank of Canada from C$142.00 to C$140.00 in a research note on Friday, May 27th. Desjardins reduced their price objective on shares of Royal Bank of Canada from C$143.00 to C$141.00 in a research note on Thursday, August 25th. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Scotiabank cut their target price on shares of Royal Bank of Canada from C$147.00 to C$144.00 in a research note on Thursday, August 18th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $139.81.

Royal Bank of Canada Trading Up 2.2 %

Shares of Royal Bank of Canada stock opened at $98.04 on Friday. The firm has a market capitalization of $136.55 billion, a PE ratio of 11.31, a price-to-earnings-growth ratio of 2.53 and a beta of 0.87. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.89 and a quick ratio of 0.89. The company’s fifty day moving average price is $96.53 and its two-hundred day moving average price is $101.75. Royal Bank of Canada has a 52-week low of $90.75 and a 52-week high of $119.41.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 24th. Shareholders of record on Wednesday, October 26th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 4.08%. The ex-dividend date is Tuesday, October 25th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.00. Royal Bank of Canada’s payout ratio is 45.91%.

About Royal Bank of Canada

(Get Rating)

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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