Geode Capital Management LLC Raises Position in Royal Bank of Canada (NYSE:RY)

Geode Capital Management LLC lifted its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 31.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,382,278 shares of the financial services provider’s stock after buying an additional 1,991,364 shares during the period. Geode Capital Management LLC’s holdings in Royal Bank of Canada were worth $1,027,061,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of RY. Franklin Resources Inc. grew its position in Royal Bank of Canada by 2.0% in the 4th quarter. Franklin Resources Inc. now owns 2,729,059 shares of the financial services provider’s stock worth $328,632,000 after purchasing an additional 54,293 shares in the last quarter. Summit Financial LLC grew its holdings in shares of Royal Bank of Canada by 163.3% in the fourth quarter. Summit Financial LLC now owns 8,519 shares of the financial services provider’s stock valued at $1,027,000 after acquiring an additional 5,283 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Royal Bank of Canada by 0.8% during the fourth quarter. Alliancebernstein L.P. now owns 881,634 shares of the financial services provider’s stock valued at $106,246,000 after acquiring an additional 7,190 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in Royal Bank of Canada during the fourth quarter worth $416,000. Finally, O Shaughnessy Asset Management LLC boosted its position in Royal Bank of Canada by 0.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 322,655 shares of the financial services provider’s stock worth $38,863,000 after purchasing an additional 2,291 shares during the last quarter. Institutional investors own 45.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RY. BMO Capital Markets decreased their target price 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. StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Finally, CIBC reiterated a “neutral” rating on shares of Royal Bank of Canada in a research note on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $156.50.

Royal Bank of Canada Trading Up 0.8 %

Shares of RY opened at $114.56 on Thursday. The firm has a market cap of $161.72 billion, a P/E ratio of 13.87, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a fifty-two week low of $95.84 and a fifty-two week high of $128.05. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The business has a 50-day moving average of $116.97 and a 200 day moving average of $120.83.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be given a $1.0251 dividend. This represents a $4.10 annualized dividend and a dividend yield of 3.58%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 45.96%.

About Royal Bank of Canada

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.