JPMorgan Chase & Co. Trims Holdings in Royal Bank of Canada (NYSE:RY)

JPMorgan Chase & Co. reduced its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 8.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,338,508 shares of the financial services provider’s stock after selling 598,535 shares during the quarter. JPMorgan Chase & Co.’s holdings in Royal Bank of Canada were worth $790,602,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of analysts recently issued reports on RY shares. TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, December 20th. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. Finally, BMO Capital Markets cut their target price on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Stock Down 0.2 %

Shares of RY opened at $120.88 on Friday. The company’s 50-day simple moving average is $123.55 and its 200-day simple moving average is $117.72. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. Royal Bank of Canada has a 1 year low of $93.97 and a 1 year high of $128.05. The stock has a market capitalization of $170.88 billion, a PE ratio of 14.63, a P/E/G ratio of 1.86 and a beta of 0.86.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be issued a dividend of $1.0522 per share. The ex-dividend date of this dividend is Monday, January 27th. This is a positive change 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 3.48%. Royal Bank of Canada’s dividend payout ratio is 52.91%.

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.