Royal Bank of Canada (NYSE:RY) is Cardinal Capital Management Inc.’s 7th Largest Position

Cardinal Capital Management Inc. reduced its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 13.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,018,136 shares of the financial services provider’s stock after selling 154,429 shares during the period. Royal Bank of Canada makes up 4.2% of Cardinal Capital Management Inc.’s portfolio, making the stock its 7th biggest holding. Cardinal Capital Management Inc. owned about 0.07% of Royal Bank of Canada worth $122,484,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its position in Royal Bank of Canada by 6.3% during the third quarter. PNC Financial Services Group Inc. now owns 84,045 shares of the financial services provider’s stock valued at $10,483,000 after acquiring an additional 4,980 shares during the last quarter. Legal & General Group Plc raised its position in Royal Bank of Canada by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock worth $1,118,150,000 after purchasing an additional 190,341 shares during the period. Creative Planning increased its holdings in shares of Royal Bank of Canada by 6.4% in the third quarter. Creative Planning now owns 211,411 shares of the financial services provider’s stock worth $26,369,000 after buying an additional 12,693 shares during the period. CIBC Asset Management Inc boosted its holdings in Royal Bank of Canada by 0.9% during the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock valued at $1,706,833,000 after acquiring an additional 124,348 shares during the period. Finally, Algert Global LLC bought a new position in Royal Bank of Canada during the 3rd quarter worth approximately $706,000. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock opened at $121.03 on Thursday. Royal Bank of Canada has a fifty-two week low of $93.97 and a fifty-two week high of $128.05. The stock’s 50 day simple moving average is $122.45 and its two-hundred day simple moving average is $119.66. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market cap of $171.17 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 1.83 and a beta of 0.87.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, January 27th will be issued a dividend of $1.0522 per share. This represents a $4.21 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Monday, January 27th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.03. Royal Bank of Canada’s payout ratio is 50.85%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RY shares. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Wednesday, January 1st. BMO Capital Markets dropped their target price 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. TD Securities lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has issued 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 price target of $156.50.

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.