Great Lakes Retirement Inc. Reduces Stock Holdings in Royal Bank of Canada (NYSE:RY)

Great Lakes Retirement Inc. trimmed its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,270 shares of the financial services provider’s stock after selling 269 shares during the period. Great Lakes Retirement Inc.’s holdings in Royal Bank of Canada were worth $1,358,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. PNC Financial Services Group Inc. grew its stake in shares of Royal Bank of Canada by 6.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 84,045 shares of the financial services provider’s stock worth $10,483,000 after acquiring an additional 4,980 shares during the period. Creative Planning boosted its position in Royal Bank of Canada by 6.4% during the third quarter. Creative Planning now owns 211,411 shares of the financial services provider’s stock worth $26,369,000 after purchasing an additional 12,693 shares during the period. CIBC Asset Management Inc increased its stake in shares of Royal Bank of Canada by 0.9% in the third quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock worth $1,706,833,000 after purchasing an additional 124,348 shares in the last quarter. Algert Global LLC bought a new stake in shares of Royal Bank of Canada in the third quarter valued at approximately $706,000. Finally, Bridgewater Associates LP lifted its stake in shares of Royal Bank of Canada by 150.7% during the 3rd quarter. Bridgewater Associates LP now owns 74,025 shares of the financial services provider’s stock valued at $9,249,000 after buying an additional 44,494 shares in the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Price Performance

Shares of NYSE RY opened at $118.28 on Wednesday. The stock’s 50-day simple moving average is $121.65 and its two-hundred day simple moving average is $120.65. Royal Bank of Canada has a twelve month low of $93.97 and a twelve month high of $128.05. The firm has a market capitalization of $167.29 billion, a P/E ratio of 14.32, a P/E/G ratio of 1.78 and a beta of 0.87. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be paid a $1.0522 dividend. This is an increase 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 3.56%. The ex-dividend date is Monday, January 27th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 49.76%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. TD Securities cut shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. BMO Capital Markets decreased 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 note on Thursday, December 5th. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. Finally, StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Wednesday, January 1st. One analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $156.50.

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.