Gradient Investments LLC decreased its holdings in shares of Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) by 9.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,136 shares of the financial services provider’s stock after selling 434 shares during the quarter. Gradient Investments LLC’s holdings in Royal Bank of Canada were worth $456,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in RY. Norges Bank bought a new stake in Royal Bank of Canada during the 4th quarter valued at approximately $1,635,969,000. Wellington Management Group LLP lifted its position in shares of Royal Bank of Canada by 265.8% in the 1st quarter. Wellington Management Group LLP now owns 19,835,260 shares of the financial services provider’s stock worth $2,185,770,000 after acquiring an additional 14,412,851 shares during the period. Beutel Goodman & Co Ltd. lifted its position in shares of Royal Bank of Canada by 32.9% in the 1st quarter. Beutel Goodman & Co Ltd. now owns 11,225,245 shares of the financial services provider’s stock worth $1,236,429,000 after acquiring an additional 2,779,909 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Royal Bank of Canada by 75.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 4,480,800 shares of the financial services provider’s stock worth $493,765,000 after acquiring an additional 1,930,800 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Royal Bank of Canada by 3.2% in the 1st quarter. Vanguard Group Inc. now owns 48,531,311 shares of the financial services provider’s stock worth $5,351,548,000 after acquiring an additional 1,503,485 shares during the period. Institutional investors own 40.46% of the company’s stock.
Analyst Ratings Changes
A number of analysts have commented on RY shares. Scotiabank reduced their price objective on Royal Bank of Canada from C$147.00 to C$144.00 in a research report on Thursday, August 18th. BMO Capital Markets reduced their price objective on Royal Bank of Canada from C$142.00 to C$140.00 in a research report on Friday, May 27th. TD Securities reduced their price objective on Royal Bank of Canada from C$150.00 to C$145.00 in a research report on Friday, May 27th. Argus increased their target price on Royal Bank of Canada from $121.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, June 6th. Finally, Keefe, Bruyette & Woods cut Royal Bank of Canada from a “market perform” rating to an “underperform” rating and dropped their target price for the stock from C$132.00 to C$118.00 in a report on Monday, August 8th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $139.81.
Royal Bank of Canada Trading Up 0.3 %
RY stock opened at $96.67 on Friday. The business has a fifty day moving average price of $96.58 and a 200 day moving average price of $101.56. Royal Bank of Canada has a fifty-two week low of $90.75 and a fifty-two week high of $119.41. The stock has a market capitalization of $134.64 billion, a price-to-earnings ratio of 11.15, a P/E/G ratio of 2.50 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.
Royal Bank of Canada Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 24th. Investors of record on Wednesday, October 26th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 4.14%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Tuesday, October 25th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 45.91%.
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.
See Also
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