CIBC Asset Management Inc Has $1.61 Billion Stock Holdings in Royal Bank of Canada (NYSE:RY)

CIBC Asset Management Inc reduced its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 13,327,699 shares of the financial services provider’s stock after selling 294,773 shares during the period. Royal Bank of Canada comprises 5.3% of CIBC Asset Management Inc’s holdings, making the stock its largest position. CIBC Asset Management Inc’s holdings in Royal Bank of Canada were worth $1,608,487,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of RY. Creative Planning raised its stake in 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 in the last quarter. Good Life Advisors LLC raised its stake in Royal Bank of Canada by 7.8% in the third quarter. Good Life Advisors LLC now owns 2,140 shares of the financial services provider’s stock worth $267,000 after buying an additional 154 shares in the last quarter. Bleakley Financial Group LLC raised its stake in Royal Bank of Canada by 4.2% in the third quarter. Bleakley Financial Group LLC now owns 6,245 shares of the financial services provider’s stock worth $779,000 after buying an additional 254 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Royal Bank of Canada by 2.4% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,056 shares of the financial services provider’s stock worth $2,127,000 after purchasing an additional 393 shares during the period. Finally, KMG Fiduciary Partners LLC grew its holdings in Royal Bank of Canada by 1.7% in the third quarter. KMG Fiduciary Partners LLC now owns 15,839 shares of the financial services provider’s stock worth $1,976,000 after purchasing an additional 261 shares during the period. 45.31% of the stock is owned by institutional investors.

Royal Bank of Canada Trading Down 0.2 %

NYSE:RY opened at $119.04 on Monday. The company’s 50 day moving average price is $121.06 and its 200-day moving average price is $120.87. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05. 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 stock has a market cap of $168.37 billion, a price-to-earnings ratio of 14.41, a PEG ratio of 1.78 and a beta of 0.87.

Royal Bank of Canada Increases Dividend

The company also recently declared 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 is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.03. The ex-dividend date is Monday, January 27th. This represents a $4.21 dividend on an annualized basis and a dividend yield of 3.54%. Royal Bank of Canada’s dividend payout ratio is presently 49.76%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. BMO Capital Markets cut their price objective on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th. TD Securities cut shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. Finally, StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Wednesday, January 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada has a consensus rating of “Moderate Buy” and a consensus price target 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.