Pinebridge Investments L.P. Sells 5,027 Shares of Royal Bank of Canada (NYSE:RY)

Pinebridge Investments L.P. trimmed its holdings in shares of Royal Bank of Canada (NYSE:RYFree Report) (TSE:RY) by 41.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,966 shares of the financial services provider’s stock after selling 5,027 shares during the quarter. Pinebridge Investments L.P.’s holdings in Royal Bank of Canada were worth $704,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of RY. Canoe Financial LP boosted its position in Royal Bank of Canada by 11,061.2% during the 4th quarter. Canoe Financial LP now owns 151,142,403 shares of the financial services provider’s stock worth $15,285,031,000 after acquiring an additional 149,788,224 shares during the last quarter. Norges Bank acquired a new position in Royal Bank of Canada during the 4th quarter worth approximately $1,898,970,000. TD Asset Management Inc boosted its position in Royal Bank of Canada by 21.7% during the 4th quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock worth $3,310,010,000 after acquiring an additional 5,810,077 shares during the last quarter. Capital World Investors acquired a new stake in shares of Royal Bank of Canada in the 4th quarter valued at approximately $365,246,000. Finally, Bank of Nova Scotia boosted its holdings in shares of Royal Bank of Canada by 13.0% in the 3rd quarter. Bank of Nova Scotia now owns 26,666,961 shares of the financial services provider’s stock valued at $2,330,506,000 after buying an additional 3,062,038 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank of Canada Stock Down 1.1 %

RY stock opened at $106.39 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $150.55 billion, a price-to-earnings ratio of 13.20, a PEG ratio of 1.67 and a beta of 0.87. The business’s fifty day moving average price is $102.28 and its two-hundred day moving average price is $99.21. Royal Bank of Canada has a fifty-two week low of $77.90 and a fifty-two week high of $109.51.

Royal Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Thursday, July 25th will be given a dividend of $1.03 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date is Thursday, July 25th. This represents a $4.12 annualized dividend and a yield of 3.87%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.62%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RY shares. Argus increased their price objective on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday. Scotiabank raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Friday, May 17th. BMO Capital Markets downgraded Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a report on Friday, May 31st. Jefferies Financial Group raised Royal Bank of Canada from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Finally, Barclays started coverage on Royal Bank of Canada in a report on Wednesday, March 20th. They set an “equal weight” rating for the company. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Royal Bank of Canada currently has an average rating of “Moderate Buy” and an average price target of $133.25.

Get Our Latest Analysis on Royal Bank of Canada

Royal Bank of Canada Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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