CIBC Asset Management Inc cut its holdings in Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) by 6.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,604,196 shares of the financial services provider’s stock after selling 856,838 shares during the period. Royal Bank of Canada comprises about 5.0% of CIBC Asset Management Inc’s holdings, making the stock its largest position. CIBC Asset Management Inc owned about 0.91% of Royal Bank of Canada worth $1,139,640,000 at the end of the most recent quarter.
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Other institutional investors and hedge funds have also made changes to their positions in the company. M&T Bank Corp lifted its holdings in Royal Bank of Canada by 19.6% in 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 purchased a new position in Royal Bank of Canada in the 2nd quarter valued at about $33,000. Aptus Capital Advisors LLC lifted its holdings in Royal Bank of Canada by 7.7% in the 3rd quarter. Aptus Capital Advisors LLC now owns 5,860 shares of the financial services provider’s stock valued at $528,000 after purchasing an additional 419 shares in the last quarter. Merit Financial Group LLC lifted its holdings in Royal Bank of Canada by 1.9% in the 3rd quarter. Merit Financial Group LLC now owns 5,996 shares of the financial services provider’s stock valued at $540,000 after purchasing an additional 111 shares in the last quarter. Finally, TIAA FSB lifted its holdings in shares of Royal Bank of Canada by 2.8% during the 3rd quarter. TIAA FSB now owns 13,223 shares of the financial services provider’s stock worth $1,191,000 after acquiring an additional 355 shares during the period. 41.19% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of Royal Bank of Canada from an “underperform” rating to a “market perform” rating in a report on Thursday, December 1st. Barclays assumed coverage on shares of Royal Bank of Canada in a research report on Thursday, September 29th. They set an “overweight” rating for the company. Canaccord Genuity Group increased their target price on shares of 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. National Bank Financial dropped their target price on shares of Royal Bank of Canada from C$148.00 to C$147.00 in a research report on Thursday, December 1st. Finally, Bank of America raised shares of Royal Bank of Canada from an “underperform” rating to a “neutral” rating in a research report on Monday, December 12th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $140.09.
Royal Bank of Canada Stock Up 0.2 %
Shares of RY stock traded up $0.20 during mid-day trading on Friday, reaching $100.07. 11,907 shares of the company were exchanged, compared to its average volume of 800,404. Royal Bank of Canada has a fifty-two week low of $83.63 and a fifty-two week high of $118.37. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $138.66 billion, a P/E ratio of 11.61, a P/E/G ratio of 1.77 and a beta of 0.84. The business’s 50 day simple moving average is $97.34 and its 200 day simple moving average is $95.46.
Royal Bank of Canada Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, February 24th. Stockholders of record on Thursday, January 26th will be given a dividend of $0.9832 per share. This represents a $3.93 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend is Wednesday, January 25th. Royal Bank of Canada’s payout ratio is currently 43.02%.
Royal Bank of Canada Profile
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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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