Rathbones Group PLC Cuts Stake in Royal Bank of Canada (NYSE:RY)

Rathbones Group PLC lessened its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 10.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 251,216 shares of the financial services provider’s stock after selling 29,255 shares during the quarter. Rathbones Group PLC’s holdings in Royal Bank of Canada were worth $30,274,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of RY. Charles Schwab Investment Management Inc. grew its position in shares of Royal Bank of Canada by 1.9% during the fourth 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 in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Royal Bank of Canada in the fourth quarter valued at $60,034,000. Wealth High Governance Capital Ltda purchased a new stake in Royal Bank of Canada during the fourth quarter valued at $10,243,000. Jones Financial Companies Lllp grew its stake in shares of Royal Bank of Canada by 1,322.0% in the 4th quarter. Jones Financial Companies Lllp now owns 4,010 shares of the financial services provider’s stock worth $483,000 after buying an additional 3,728 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings 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 during the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Down 3.5 %

Royal Bank of Canada stock opened at $111.13 on Monday. 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 $156.88 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.80 and a beta of 0.82. Royal Bank of Canada has a twelve month low of $95.84 and a twelve month high of $128.05. The business has a fifty day moving average of $116.60 and a two-hundred day moving average of $120.68.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders 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 dividend yield of 3.69%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio is currently 45.96%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. CIBC upgraded shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research report on Friday. Finally, Cibc World Mkts raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday. Two analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price 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.