Federated Hermes Inc. Trims Stock Position in Royal Bank of Canada (NYSE:RY)

Federated Hermes Inc. cut its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 5.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 81,253 shares of the financial services provider’s stock after selling 4,912 shares during the quarter. Federated Hermes Inc.’s holdings in Royal Bank of Canada were worth $8,217,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Royal Bank of Canada by 3.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 480,825 shares of the financial services provider’s stock worth $48,863,000 after purchasing an additional 15,041 shares during the period. Triasima Portfolio Management inc. raised its stake in Royal Bank of Canada by 5.5% during the fourth quarter. Triasima Portfolio Management inc. now owns 984,891 shares of the financial services provider’s stock worth $99,785,000 after purchasing an additional 50,995 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Royal Bank of Canada by 163.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 160,595 shares of the financial services provider’s stock valued at $16,271,000 after acquiring an additional 99,523 shares during the period. Addenda Capital Inc. raised its stake in shares of Royal Bank of Canada by 2.1% in the 4th quarter. Addenda Capital Inc. now owns 836,019 shares of the financial services provider’s stock valued at $84,547,000 after acquiring an additional 16,964 shares during the period. Finally, Galibier Capital Management Ltd. raised its stake in shares of Royal Bank of Canada by 8,119.3% in the 4th quarter. Galibier Capital Management Ltd. now owns 321,376 shares of the financial services provider’s stock valued at $32,659,000 after acquiring an additional 317,466 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Price Performance

Shares of RY opened at $97.28 on Thursday. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $103.88. The firm’s 50 day moving average price is $99.11 and its 200 day moving average price is $94.61. The company has a market cap of $137.62 billion, a P/E ratio of 12.25, a PEG 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 (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, February 28th. The financial services provider reported $2.11 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.05. Royal Bank of Canada had a net margin of 12.43% and a return on equity of 14.74%. The firm had revenue of $9.98 billion for the quarter, compared to the consensus estimate of $10.10 billion. On average, research analysts forecast that Royal Bank of Canada will post 8.45 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Thursday, April 25th will be issued a dividend of $1.0207 per share. This represents a $4.08 annualized dividend and a yield of 4.20%. The ex-dividend date of this dividend is Wednesday, April 24th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.02. Royal Bank of Canada’s payout ratio is 25.31%.

Analyst Ratings Changes

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

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.