United Services Automobile Association Lowers Stock Holdings in Royal Bank of Canada (NYSE:RY)

United Services Automobile Association lessened its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 10.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 46,510 shares of the financial services provider’s stock after selling 5,636 shares during the period. United Services Automobile Association’s holdings in Royal Bank of Canada were worth $5,805,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of RY. FMR LLC increased its position in Royal Bank of Canada by 75.8% during the 3rd quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock valued at $2,229,834,000 after purchasing an additional 7,702,585 shares during the period. National Bank of Canada FI increased its holdings in Royal Bank of Canada by 16.7% during the second quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after buying an additional 2,901,033 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Royal Bank of Canada by 165.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider’s stock worth $361,532,000 after buying an additional 1,804,022 shares during the period. International Assets Investment Management LLC bought a new stake in Royal Bank of Canada during the 3rd quarter valued at $153,217,000. Finally, Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Royal Bank of Canada by 18.2% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,336,354 shares of the financial services provider’s stock valued at $291,925,000 after acquiring an additional 359,719 shares during the period. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Analysts Set New Price Targets

RY has been the topic of a number of recent research reports. BMO Capital Markets dropped their price objective on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research report on Thursday. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. Finally, TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $156.50.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at $126.05 on Friday. The company has a market capitalization of $178.19 billion, a P/E ratio of 15.26, a P/E/G ratio of 1.86 and a beta of 0.86. Royal Bank of Canada has a 12-month low of $90.71 and a 12-month high of $128.05. The business’s 50 day moving average is $123.78 and its two-hundred day moving average is $115.89. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be given a dividend of $1.0522 per share. The ex-dividend date of this dividend is Monday, January 27th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.03. This represents a $4.21 dividend on an annualized basis and a yield of 3.34%. Royal Bank of Canada’s dividend payout ratio is currently 50.85%.

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.