Massachusetts Financial Services Co. MA Reduces Stock Holdings in Royal Bank of Canada (NYSE:RY)

Massachusetts Financial Services Co. MA reduced its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,627,651 shares of the financial services provider’s stock after selling 83,951 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Royal Bank of Canada were worth $316,658,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Dunhill Financial LLC acquired a new stake in shares of Royal Bank of Canada during the 3rd quarter worth approximately $25,000. WealthTrak Capital Management LLC acquired a new stake in Royal Bank of Canada during the fourth quarter worth $28,000. Roxbury Financial LLC purchased a new stake in Royal Bank of Canada in the fourth quarter valued at $29,000. Kieckhefer Group LLC acquired a new position in shares of Royal Bank of Canada in the 4th quarter valued at $36,000. Finally, Crews Bank & Trust purchased a new stake in Royal Bank of Canada in the 4th quarter valued at about $36,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RY has been the subject of several research analyst reports. CIBC reaffirmed a “neutral” rating on shares of Royal Bank of Canada in a research note on Wednesday, March 5th. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Finally, BMO Capital Markets dropped their price objective 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 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

Royal Bank of Canada Price Performance

Shares of RY opened at $114.56 on Thursday. The firm has a market capitalization of $161.72 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.80 and a beta of 0.88. The firm’s fifty day simple moving average is $116.97 and its 200-day simple moving average is $120.83. Royal Bank of Canada has a twelve month low of $95.84 and a twelve month high of $128.05. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Cuts Dividend

The firm 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 dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is 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.