Canopy Partners LLC Reduces Stock Position in Royal Bank of Canada (NYSE:RY)

Canopy Partners LLC cut its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,819 shares of the financial services provider’s stock after selling 114 shares during the quarter. Canopy Partners LLC’s holdings in Royal Bank of Canada were worth $340,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of RY. Norges Bank bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth approximately $2,425,519,000. Geode Capital Management LLC boosted its holdings in shares of Royal Bank of Canada by 31.2% during the 4th quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider’s stock valued at $1,027,061,000 after acquiring an additional 1,991,364 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Royal Bank of Canada by 1.9% in 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 purchasing an additional 1,104,975 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Royal Bank of Canada by 9.0% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider’s stock worth $1,338,156,000 after acquiring an additional 921,276 shares during the period. Finally, Mufg Securities Canada LTD. increased its position in shares of Royal Bank of Canada by 72.0% during the 4th quarter. Mufg Securities Canada LTD. now owns 2,160,865 shares of the financial services provider’s stock valued at $260,373,000 after purchasing an additional 904,909 shares during the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on RY shares. Cibc World Mkts raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Finally, CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Royal Bank of Canada currently has a consensus rating of “Buy” and a consensus target price of $156.50.

Royal Bank of Canada Trading Down 3.5 %

Shares of RY opened at $111.13 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. The firm has a market capitalization of $156.88 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.80 and a beta of 0.82. The firm has a 50-day moving average price of $116.60 and a 200 day moving average price of $120.68. Royal Bank of Canada has a 12-month low of $95.84 and a 12-month high of $128.05.

Royal Bank of Canada Cuts Dividend

The business 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 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 3.69%. Royal Bank of Canada’s payout ratio is 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.