Miller Howard Investments Inc. NY Reduces Stake in Royal Bank of Canada (NYSE:RY)

Miller Howard Investments Inc. NY lowered its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 489,310 shares of the financial services provider’s stock after selling 6,377 shares during the period. Royal Bank of Canada accounts for 1.9% of Miller Howard Investments Inc. NY’s investment portfolio, making the stock its 19th biggest holding. Miller Howard Investments Inc. NY’s holdings in Royal Bank of Canada were worth $58,967,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Capital Performance Advisors LLP bought a new stake in shares of Royal Bank of Canada in the third quarter valued at approximately $25,000. Dunhill Financial LLC purchased a new position in Royal Bank of Canada in the 3rd quarter valued at approximately $25,000. Larson Financial Group LLC bought a new stake in Royal Bank of Canada during the 3rd quarter valued at $26,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Royal Bank of Canada by 110.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 118 shares during the period. Finally, Grove Bank & Trust bought a new position in shares of Royal Bank of Canada in the third quarter worth $28,000. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Down 0.1 %

Shares of Royal Bank of Canada stock opened at $119.26 on Friday. The stock has a market capitalization of $168.68 billion, a price-to-earnings ratio of 14.44, a P/E/G ratio of 1.78 and a beta of 0.87. Royal Bank of Canada has a 52-week low of $93.97 and a 52-week high of $128.05. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The company’s 50 day moving average price is $121.79 and its 200-day moving average price is $120.45.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, January 27th will be paid 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 annualized dividend and a dividend yield of 3.53%. Royal Bank of Canada’s payout ratio is 49.76%.

Analyst Upgrades and Downgrades

RY has been the subject of several analyst reports. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, BMO Capital Markets decreased their price target on shares of 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Royal Bank of Canada has an average rating of “Moderate Buy” and a consensus price target of $156.50.

Royal Bank of Canada Company 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.