Vanguard Group Inc. Boosts Stock Position in Royal Bank of Canada (NYSE:RY)

Vanguard Group Inc. raised its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 59,183,549 shares of the financial services provider’s stock after acquiring an additional 1,104,975 shares during the period. Vanguard Group Inc.’s holdings in Royal Bank of Canada were worth $7,136,056,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RY. FMR LLC raised its stake in Royal Bank of Canada by 75.8% during the 3rd quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock valued at $2,229,834,000 after acquiring an additional 7,702,585 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Royal Bank of Canada by 165.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider’s stock valued at $361,532,000 after acquiring an additional 1,804,022 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Royal Bank of Canada by 9.0% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider’s stock worth $1,338,156,000 after buying an additional 921,276 shares in the last quarter. Hillsdale Investment Management Inc. raised its stake in shares of Royal Bank of Canada by 360.8% during the 4th quarter. Hillsdale Investment Management Inc. now owns 881,128 shares of the financial services provider’s stock worth $106,123,000 after buying an additional 689,904 shares in the last quarter. Finally, William Blair Investment Management LLC purchased a new position in shares of Royal Bank of Canada during the 4th quarter worth approximately $70,429,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. CIBC reissued a “neutral” rating on shares of Royal Bank of Canada in a research note on Wednesday, March 5th. Finally, BMO Capital Markets cut their target price on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a research note on Thursday, December 5th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and an average target price of $156.50.

Royal Bank of Canada Stock Performance

RY opened at $113.71 on Monday. The stock has a market cap of $160.52 billion, a P/E ratio of 13.77, a P/E/G ratio of 1.80 and a beta of 0.88. 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 stock’s 50 day simple moving average is $117.86 and its 200 day simple moving average is $121.28. Royal Bank of Canada has a 1-year low of $95.84 and a 1-year high of $128.05.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be issued a dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a yield of 3.61%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 45.96%.

Royal Bank of Canada 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.