Choate Investment Advisors Buys New Stake in Royal Bank of Canada (NYSE:RY)

Choate Investment Advisors bought a new stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,905 shares of the financial services provider’s stock, valued at approximately $230,000.

Several other large investors have also recently bought and sold shares of the business. OneDigital Investment Advisors LLC boosted its stake in Royal Bank of Canada by 4.8% in the third quarter. OneDigital Investment Advisors LLC now owns 2,508 shares of the financial services provider’s stock valued at $313,000 after acquiring an additional 115 shares in the last quarter. Coastline Trust Co acquired a new position in Royal Bank of Canada in the third quarter valued at $41,000. Natixis Advisors LLC boosted its stake in Royal Bank of Canada by 3.9% in the third quarter. Natixis Advisors LLC now owns 122,223 shares of the financial services provider’s stock valued at $15,245,000 after acquiring an additional 4,615 shares in the last quarter. Prudent Man Advisors LLC acquired a new position in Royal Bank of Canada in the third quarter valued at $220,000. Finally, Drive Wealth Management LLC boosted its stake in Royal Bank of Canada by 3.4% in the third quarter. Drive Wealth Management LLC now owns 2,799 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 92 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on RY. 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 restated 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 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 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Royal Bank of Canada currently has an average rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Price Performance

Shares of RY opened at $112.66 on Tuesday. Royal Bank of Canada has a fifty-two week low of $95.84 and a fifty-two week high of $128.05. The company has a market capitalization of $159.04 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. The firm has a 50-day simple moving average of $118.44 and a 200-day simple moving average of $121.49. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86.

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 3.64%. Royal Bank of Canada’s dividend payout ratio is currently 45.96%.

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.