Massachusetts Financial Services Co. MA Has $338.22 Million Stock Holdings in Royal Bank of Canada (NYSE:RY)

Massachusetts Financial Services Co. MA decreased its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,711,602 shares of the financial services provider’s stock after selling 68,292 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Royal Bank of Canada were worth $338,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Shell Asset Management Co. lifted its holdings in shares of Royal Bank of Canada by 3.8% during the 1st quarter. Shell Asset Management Co. now owns 2,711 shares of the financial services provider’s stock worth $274,000 after acquiring an additional 100 shares during the period. EP Wealth Advisors LLC grew its stake in shares of Royal Bank of Canada by 15.0% in the first quarter. EP Wealth Advisors LLC now owns 3,052 shares of the financial services provider’s stock worth $308,000 after purchasing an additional 397 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of Royal Bank of Canada by 29.0% in the first quarter. Advisors Asset Management Inc. now owns 2,953 shares of the financial services provider’s stock valued at $298,000 after buying an additional 664 shares during the period. Capital Research Global Investors lifted its position in shares of Royal Bank of Canada by 1.1% in the 1st quarter. Capital Research Global Investors now owns 345,156 shares of the financial services provider’s stock worth $34,812,000 after purchasing an additional 3,639 shares during the period. Finally, Tremblant Capital Group lifted its holdings in Royal Bank of Canada by 71.8% in the first quarter. Tremblant Capital Group now owns 13,429 shares of the financial services provider’s stock valued at $1,355,000 after buying an additional 5,612 shares during the period. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RY has been the topic of a number of research analyst reports. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday. TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, BMO Capital Markets lifted their price objective on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Royal Bank of Canada has an average rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Price Performance

Shares of NYSE RY opened at $125.09 on Friday. The stock has a market capitalization of $176.84 billion, a P/E ratio of 15.13, a P/E/G ratio of 1.88 and a beta of 0.86. The company’s 50-day moving average is $123.36 and its 200 day moving average is $114.40. Royal Bank of Canada has a 1 year low of $85.02 and a 1 year high of $126.96. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 EPS for the quarter, beating the consensus estimate of $2.15 by $0.23. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. The business had revenue of $10.68 billion for the quarter, compared to the consensus estimate of $10.40 billion. On average, sell-side analysts expect that Royal Bank of Canada will post 8.88 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed 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 is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.29%. Royal Bank of Canada’s payout ratio is 50.79%.

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.