Brown Brothers Harriman & Co. Raises Position in Royal Bank of Canada (NYSE:RY)

Brown Brothers Harriman & Co. increased its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 6.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,436 shares of the financial services provider’s stock after buying an additional 1,160 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Royal Bank of Canada were worth $2,222,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Royal Bank of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider’s stock worth $7,136,056,000 after acquiring an additional 1,104,975 shares during the last quarter. Norges Bank acquired a new stake in Royal Bank of Canada in the 4th quarter worth approximately $2,425,519,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Royal Bank of Canada by 9.0% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider’s stock valued at $1,338,156,000 after purchasing an additional 921,276 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Royal Bank of Canada by 9.3% in the third quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock worth $805,616,000 after buying an additional 541,760 shares during the last quarter. Finally, GQG Partners LLC lifted its stake in shares of Royal Bank of Canada by 0.9% during the fourth quarter. GQG Partners LLC now owns 5,796,767 shares of the financial services provider’s stock worth $698,579,000 after buying an additional 51,277 shares during the period. 45.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on RY shares. CIBC restated a “neutral” rating on shares of Royal Bank of Canada in a research note on Wednesday, March 5th. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Finally, BMO Capital Markets cut their price target on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $156.50.

Royal Bank of Canada Stock Down 2.3 %

Royal Bank of Canada stock opened at $112.04 on Friday. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05. The firm has a market cap of $158.17 billion, a price-to-earnings ratio of 13.56, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. The business’s 50-day moving average price is $117.43 and its 200 day moving average price is $121.04. 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 Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be paid a $1.0251 dividend. This represents a $4.10 annualized dividend and a dividend yield of 3.66%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio is currently 45.96%.

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.