Gitterman Wealth Management LLC Buys New Holdings in Royal Bank of Canada (NYSE:RY)

Gitterman Wealth Management LLC purchased a new position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in the fourth quarter, Holdings Channel reports. The fund purchased 1,907 shares of the financial services provider’s stock, valued at approximately $230,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RY. Dunhill Financial LLC acquired a new stake in Royal Bank of Canada during the 3rd quarter worth about $25,000. Larson Financial Group LLC acquired a new stake in Royal Bank of Canada during the third quarter worth about $26,000. Roxbury Financial LLC purchased a new position in Royal Bank of Canada during the fourth quarter valued at approximately $29,000. Kieckhefer Group LLC acquired a new position in Royal Bank of Canada in the fourth quarter valued at approximately $36,000. Finally, Crews Bank & Trust purchased a new stake in Royal Bank of Canada in the 4th quarter worth approximately $36,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RY shares. BMO Capital Markets cut their target price on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Finally, CIBC reaffirmed a “neutral” rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $156.50.

Royal Bank of Canada Stock Up 2.5 %

Shares of NYSE RY opened at $111.52 on Friday. The firm has a market cap of $157.43 billion, a price-to-earnings ratio of 13.50, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. The company’s 50-day simple moving average is $118.61 and its 200-day simple moving average is $121.52. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be paid a dividend of $1.0251 per share. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.68%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 45.96%.

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.