Massachusetts Financial Services Co. MA Buys 6,309 Shares of Royal Bank of Canada (NYSE:RY)

Massachusetts Financial Services Co. MA grew its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,779,894 shares of the financial services provider’s stock after purchasing an additional 6,309 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.20% of Royal Bank of Canada worth $295,725,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Ridgewood Investments LLC bought a new stake in shares of Royal Bank of Canada in the 2nd quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Royal Bank of Canada in the 2nd quarter valued at approximately $33,000. Mather Group LLC. bought a new stake in shares of Royal Bank of Canada in the 1st quarter valued at approximately $49,000. Nisa Investment Advisors LLC grew its stake in shares of Royal Bank of Canada by 293.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 379 shares during the period. Finally, Heritage Wealth Advisors bought a new stake in shares of Royal Bank of Canada in the 4th quarter valued at approximately $61,000. 45.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RY. Argus upped their price objective on Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Thursday, June 6th. UBS Group assumed coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They issued a “buy” rating for the company. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. Finally, BMO Capital Markets lifted their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Trading Down 0.2 %

Shares of RY opened at $123.33 on Tuesday. The stock has a fifty day moving average price of $113.88 and a two-hundred day moving average price of $106.49. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87. Royal Bank of Canada has a 52-week low of $77.90 and a 52-week high of $124.46. The company has a market cap of $174.52 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 2.01 and a beta of 0.86.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a dividend yield of 3.33%. Royal Bank of Canada’s payout ratio is currently 51.49%.

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.