Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) was the recipient of a significant decline in short interest in December. As of December 30th, there was short interest totalling 16,700,000 shares, a decline of 16.8% from the December 15th total of 20,080,000 shares. Based on an average trading volume of 876,400 shares, the days-to-cover ratio is currently 19.1 days. Approximately 1.2% of the company’s stock are short sold.
Institutional Inflows and Outflows
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Several institutional investors have recently bought and sold shares of the stock. M&T Bank Corp increased its holdings in shares of Royal Bank of Canada by 19.6% during the 2nd quarter. M&T Bank Corp now owns 54,327 shares of the financial services provider’s stock valued at $4,586,000 after purchasing an additional 8,914 shares in the last quarter. Venture Visionary Partners LLC acquired a new position in shares of Royal Bank of Canada in the second quarter worth about $33,000. Aptus Capital Advisors LLC boosted its stake in shares of Royal Bank of Canada by 7.7% during the 3rd quarter. Aptus Capital Advisors LLC now owns 5,860 shares of the financial services provider’s stock worth $528,000 after acquiring an additional 419 shares in the last quarter. Merit Financial Group LLC grew its position in shares of Royal Bank of Canada by 1.9% during the 3rd quarter. Merit Financial Group LLC now owns 5,996 shares of the financial services provider’s stock valued at $540,000 after acquiring an additional 111 shares during the period. Finally, TIAA FSB increased its stake in shares of Royal Bank of Canada by 2.8% in the 3rd quarter. TIAA FSB now owns 13,223 shares of the financial services provider’s stock valued at $1,191,000 after purchasing an additional 355 shares in the last quarter. 41.19% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on RY shares. National Bank Financial lowered their price target on shares of Royal Bank of Canada from C$148.00 to C$147.00 in a research report on Thursday, December 1st. Bank of America raised Royal Bank of Canada from an “underperform” rating to a “neutral” rating in a research report on Monday, December 12th. Canaccord Genuity Group boosted their price target on Royal Bank of Canada from C$131.00 to C$136.00 and gave the stock a “buy” rating in a research report on Thursday, December 1st. Barclays began coverage on shares of Royal Bank of Canada in a report on Thursday, September 29th. They issued an “overweight” rating on the stock. Finally, Keefe, Bruyette & Woods upgraded shares of Royal Bank of Canada from an “underperform” rating to a “market perform” rating in a research note on Thursday, December 1st. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.09.
Royal Bank of Canada Stock Up 0.2 %
RY stock opened at $99.87 on Friday. The company has a market capitalization of $138.39 billion, a P/E ratio of 11.61, a price-to-earnings-growth ratio of 1.77 and a beta of 0.84. Royal Bank of Canada has a 12 month low of $83.63 and a 12 month high of $118.37. The firm’s fifty day simple moving average is $97.34 and its 200-day simple moving average is $95.46. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.88 and a quick ratio of 0.88.
Royal Bank of Canada Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, February 24th. Stockholders of record on Thursday, January 26th will be paid a $0.9832 dividend. The ex-dividend date is Wednesday, January 25th. This represents a $3.93 dividend on an annualized basis and a dividend yield of 3.94%. Royal Bank of Canada’s payout ratio is 43.02%.
Royal Bank of Canada Company Profile
Royal Bank of Canada operates as a diversified financial service company. The company operates through five segments: Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury, and Capital Markets. The Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions, as well as indirect lending, including auto financing; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.
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