May Hill Capital LLC Purchases New Position in Royal Bank of Canada (NYSE:RY)

May Hill Capital LLC bought a new stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,592 shares of the financial services provider’s stock, valued at approximately $433,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. lifted its stake in shares of Royal Bank of Canada by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider’s stock valued at $427,589,000 after purchasing an additional 64,450 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Royal Bank of Canada in the fourth quarter worth about $60,034,000. Wealth High Governance Capital Ltda bought a new stake in shares of Royal Bank of Canada during the 4th quarter worth about $10,243,000. Jones Financial Companies Lllp increased its holdings in shares of Royal Bank of Canada by 1,322.0% during the 4th quarter. Jones Financial Companies Lllp now owns 4,010 shares of the financial services provider’s stock valued at $483,000 after acquiring an additional 3,728 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Royal Bank of Canada by 9.3% in the 3rd quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock valued at $805,616,000 after acquiring an additional 541,760 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Up 0.5 %

Shares of RY stock opened at $112.66 on Tuesday. Royal Bank of Canada has a 12 month low of $95.84 and a 12 month high of $128.05. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The firm has a market cap of $159.04 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. The stock has a 50 day moving average of $117.27 and a 200-day moving average of $120.95.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be issued a $1.0251 dividend. This represents a $4.10 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 45.96%.

Analysts Set New Price Targets

RY has been the subject of a number of recent analyst reports. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. BMO Capital Markets decreased their price objective on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. Finally, CIBC reiterated a “neutral” rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. Three investment 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. According to data from MarketBeat.com, Royal Bank of Canada has an average rating of “Moderate Buy” and a consensus price target of $156.50.

About Royal Bank of Canada

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.