Twin Tree Management LP Sells 2,916 Shares of Royal Bank of Canada (NYSE:RY)

Twin Tree Management LP lowered its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 7.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 34,267 shares of the financial services provider’s stock after selling 2,916 shares during the quarter. Twin Tree Management LP’s holdings in Royal Bank of Canada were worth $4,130,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Financial Management Professionals Inc. boosted its holdings in Royal Bank of Canada by 26.8% in the 4th quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider’s stock worth $51,000 after buying an additional 90 shares during the period. Drive Wealth Management LLC lifted its stake in Royal Bank of Canada by 3.4% in the 3rd quarter. Drive Wealth Management LLC now owns 2,799 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 92 shares in the last quarter. Ballentine Partners LLC lifted its stake in Royal Bank of Canada by 2.2% in the 4th quarter. Ballentine Partners LLC now owns 4,308 shares of the financial services provider’s stock worth $519,000 after purchasing an additional 94 shares in the last quarter. Richardson Financial Services Inc. lifted its stake in Royal Bank of Canada by 45.7% in the 4th quarter. Richardson Financial Services Inc. now owns 306 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 96 shares in the last quarter. Finally, DAVENPORT & Co LLC lifted its stake in Royal Bank of Canada by 0.8% in the 4th quarter. DAVENPORT & Co LLC now owns 12,466 shares of the financial services provider’s stock worth $1,502,000 after purchasing an additional 101 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. 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. CIBC reiterated a “neutral” rating on shares of Royal Bank of Canada in a research note on Wednesday, March 5th. StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Finally, BMO Capital Markets decreased their price target on shares of 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. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Royal Bank of Canada has an average rating of “Moderate Buy” and an average target price of $156.50.

Royal Bank of Canada Stock Down 0.2 %

Shares of NYSE RY opened at $112.45 on Wednesday. The firm’s 50-day moving average price is $118.26 and its 200-day moving average price is $121.43. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $158.74 billion, a price-to-earnings ratio of 13.61, a P/E/G ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a 12-month low of $95.84 and a 12-month high of $128.05.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be issued a dividend of $1.0251 per share. The ex-dividend date is Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.65%. Royal Bank of Canada’s payout ratio is 45.96%.

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.