Royal Bank of Canada (NYSE:RY) Shares Sold by Allworth Financial LP

Allworth Financial LP lowered its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 37.7% in the fourth quarter, HoldingsChannel reports. The firm owned 1,211 shares of the financial services provider’s stock after selling 734 shares during the quarter. Allworth Financial LP’s holdings in Royal Bank of Canada were worth $122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. International Assets Investment Management LLC acquired a new position in Royal Bank of Canada during the 4th quarter worth $1,220,441,000. Galibier Capital Management Ltd. boosted its position in Royal Bank of Canada by 8,119.3% during the 4th quarter. Galibier Capital Management Ltd. now owns 321,376 shares of the financial services provider’s stock worth $32,659,000 after acquiring an additional 317,466 shares during the period. Addenda Capital Inc. boosted its position in Royal Bank of Canada by 2.1% during the 4th quarter. Addenda Capital Inc. now owns 836,019 shares of the financial services provider’s stock worth $84,547,000 after acquiring an additional 16,964 shares during the period. TIAA Trust National Association boosted its position in Royal Bank of Canada by 4.3% during the 4th quarter. TIAA Trust National Association now owns 13,035 shares of the financial services provider’s stock worth $1,318,000 after acquiring an additional 541 shares during the period. Finally, Drive Wealth Management LLC acquired a new position in Royal Bank of Canada during the 4th quarter worth $253,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

RY has been the subject of a number of analyst reports. BMO Capital Markets upgraded Royal Bank of Canada from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $140.00 to $150.00 in a research report on Friday, April 5th. Jefferies Financial Group began coverage on Royal Bank of Canada in a research note on Thursday, February 22nd. They issued a “hold” rating on the stock. Barclays began coverage on Royal Bank of Canada in a research note on Wednesday, March 20th. They issued an “equal weight” rating on the stock. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Tuesday, February 6th. Finally, Bank of America raised Royal Bank of Canada from a “neutral” rating to a “buy” rating in a research note on Monday, December 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $137.67.

Royal Bank of Canada Stock Down 1.8 %

Shares of Royal Bank of Canada stock opened at $98.54 on Friday. The stock’s fifty day moving average is $98.94 and its 200-day moving average is $93.86. The firm has a market capitalization of $139.40 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.72 and a beta of 0.86. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 12-month low of $77.90 and a 12-month high of $103.88.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, February 28th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.05. The company had revenue of $9.98 billion for the quarter, compared to analyst estimates of $10.10 billion. Royal Bank of Canada had a return on equity of 14.74% and a net margin of 12.43%. Equities analysts anticipate that Royal Bank of Canada will post 8.5 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Thursday, April 25th will be given a dividend of $1.0207 per share. The ex-dividend date of this dividend is Wednesday, April 24th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.02. This represents a $4.08 dividend on an annualized basis and a dividend yield of 4.14%. Royal Bank of Canada’s payout ratio is 37.66%.

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.