Royal Bank of Canada (NYSE:RY) Shares Bought by Alliancebernstein L.P.

Alliancebernstein L.P. lifted its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 881,634 shares of the financial services provider’s stock after buying an additional 7,190 shares during the quarter. Alliancebernstein L.P.’s holdings in Royal Bank of Canada were worth $106,246,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dunhill Financial LLC acquired a new position in Royal Bank of Canada in the 3rd quarter valued at about $25,000. WealthTrak Capital Management LLC purchased a new stake in shares of Royal Bank of Canada during the fourth quarter worth about $28,000. Roxbury Financial LLC purchased a new stake in shares of Royal Bank of Canada during the 4th quarter valued at $29,000. Kieckhefer Group LLC acquired a new stake in Royal Bank of Canada during the fourth quarter worth about $36,000. Finally, Crews Bank & Trust acquired a new stake in shares of Royal Bank of Canada in the fourth quarter worth $36,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RY has been the topic of several analyst reports. BMO Capital Markets dropped their target price on 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. CIBC reaffirmed a “neutral” rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. Finally, StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

Royal Bank of Canada Stock Performance

Shares of RY opened at $114.56 on Thursday. The firm has a market cap of $161.72 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.80 and a beta of 0.88. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The business’s 50 day moving average is $116.97 and its two-hundred day moving average is $120.83. 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 business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be issued a $1.0251 dividend. The ex-dividend date is Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.58%. Royal Bank of Canada’s dividend payout ratio is presently 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.