Royal Bank of Canada (NYSE:RY) Stock Position Decreased by M&T Bank Corp

M&T Bank Corp trimmed its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 48,196 shares of the financial services provider’s stock after selling 556 shares during the quarter. M&T Bank Corp’s holdings in Royal Bank of Canada were worth $6,011,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new stake in Royal Bank of Canada during the 3rd quarter valued at $25,000. Dunhill Financial LLC acquired a new position in Royal Bank of Canada during the third quarter valued at $25,000. Larson Financial Group LLC purchased a new stake in Royal Bank of Canada in the 3rd quarter worth about $26,000. Ridgewood Investments LLC acquired a new stake in Royal Bank of Canada during the 2nd quarter worth about $27,000. Finally, Grove Bank & Trust purchased a new position in Royal Bank of Canada during the 3rd quarter valued at about $28,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Down 1.1 %

Royal Bank of Canada stock opened at $124.70 on Friday. The company has a market capitalization of $176.28 billion, a P/E ratio of 15.10, a P/E/G ratio of 1.88 and a beta of 0.86. Royal Bank of Canada has a 1-year low of $91.99 and a 1-year high of $128.05. The firm’s fifty day simple moving average is $123.95 and its 200-day simple moving average is $116.53. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be given a $1.0522 dividend. The ex-dividend date of this dividend is Monday, January 27th. This represents a $4.21 dividend on an annualized basis and a dividend yield of 3.38%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.03. Royal Bank of Canada’s payout ratio is currently 50.85%.

Analysts Set New Price Targets

Several research firms have weighed in on RY. Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, BMO Capital Markets reduced their price objective on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Royal Bank of Canada currently has an average rating of “Moderate Buy” and an average target price of $156.50.

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.