Northwest & Ethical Investments L.P. Boosts Stake in Royal Bank of Canada (NYSE:RY)

Northwest & Ethical Investments L.P. raised its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 434,184 shares of the financial services provider’s stock after acquiring an additional 5,168 shares during the quarter. Royal Bank of Canada makes up about 1.4% of Northwest & Ethical Investments L.P.’s investment portfolio, making the stock its 7th biggest position. Northwest & Ethical Investments L.P.’s holdings in Royal Bank of Canada were worth $52,258,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in shares of Royal Bank of Canada by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider’s stock worth $427,589,000 after purchasing an additional 64,450 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Royal Bank of Canada by 6.3% in the third quarter. PNC Financial Services Group Inc. now owns 84,045 shares of the financial services provider’s stock worth $10,483,000 after acquiring an additional 4,980 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Royal Bank of Canada in the fourth quarter worth about $60,034,000. Wealth High Governance Capital Ltda purchased a new position in Royal Bank of Canada in the fourth quarter worth about $10,243,000. Finally, Algert Global LLC purchased a new position in Royal Bank of Canada in the third quarter worth about $706,000. 45.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on RY shares. CIBC reiterated a “neutral” rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. BMO Capital Markets dropped 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 report on Thursday, December 5th. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. Finally, StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Royal Bank of Canada currently has an average rating of “Moderate Buy” and an average target price of $156.50.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at $114.25 on Thursday. The business’s fifty day simple moving average is $118.11 and its 200-day simple moving average is $121.38. The company has a market cap of $161.28 billion, a PE ratio of 13.83, a PEG ratio of 1.80 and a beta of 0.88. 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 has a 12-month low of $95.84 and a 12-month high of $128.05.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be given a dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s payout ratio is presently 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.