Canoe Financial LP Sells 12,298 Shares of Royal Bank of Canada (NYSE:RY)

Canoe Financial LP decreased its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,202,099 shares of the financial services provider’s stock after selling 12,298 shares during the period. Royal Bank of Canada comprises about 2.1% of Canoe Financial LP’s investment portfolio, making the stock its 14th biggest holding. Canoe Financial LP’s holdings in Royal Bank of Canada were worth $144,843,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Choreo LLC purchased a new position in Royal Bank of Canada in the 2nd quarter worth about $208,000. Envestnet Asset Management Inc. grew its stake in shares of Royal Bank of Canada by 30.1% in the second quarter. Envestnet Asset Management Inc. now owns 325,463 shares of the financial services provider’s stock worth $34,623,000 after acquiring an additional 75,366 shares during the period. Vanguard Personalized Indexing Management LLC raised its holdings in shares of Royal Bank of Canada by 39.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 29,788 shares of the financial services provider’s stock valued at $3,152,000 after purchasing an additional 8,399 shares during the last quarter. Intech Investment Management LLC lifted its position in Royal Bank of Canada by 91.5% during the second quarter. Intech Investment Management LLC now owns 125,535 shares of the financial services provider’s stock valued at $13,362,000 after purchasing an additional 59,965 shares during the period. Finally, Ensign Peak Advisors Inc boosted its holdings in Royal Bank of Canada by 6.9% in the second quarter. Ensign Peak Advisors Inc now owns 92,481 shares of the financial services provider’s stock worth $10,191,000 after purchasing an additional 6,000 shares during the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RY shares. Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. Finally, BMO Capital Markets reduced their price target on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Trading Up 0.3 %

NYSE:RY opened at $120.46 on Friday. The firm has a market capitalization of $170.29 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 1.77 and a beta of 0.87. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. The business has a fifty day moving average price of $122.66 and a 200-day moving average price of $119.21. Royal Bank of Canada has a one year low of $93.97 and a one year high of $128.05.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, January 27th will be paid a $1.0522 dividend. The ex-dividend date of this dividend is Monday, January 27th. This represents a $4.21 annualized dividend and a dividend yield of 3.49%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.03. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.85%.

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.