Royal Bank of Canada (NYSE:RY) Shares Sold by Nexus Investment Management ULC

Nexus Investment Management ULC trimmed its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 4.8% during the fourth quarter, HoldingsChannel reports. The fund owned 448,759 shares of the financial services provider’s stock after selling 22,511 shares during the period. Royal Bank of Canada comprises about 5.4% of Nexus Investment Management ULC’s investment portfolio, making the stock its largest position. Nexus Investment Management ULC’s holdings in Royal Bank of Canada were worth $53,986,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Financial Management Professionals Inc. raised its holdings in shares of Royal Bank of Canada by 26.8% in the fourth quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider’s stock valued at $51,000 after purchasing an additional 90 shares during the last quarter. HB Wealth Management LLC grew its position in Royal Bank of Canada by 47.4% in the fourth quarter. HB Wealth Management LLC now owns 5,144 shares of the financial services provider’s stock valued at $620,000 after purchasing an additional 1,654 shares in the last quarter. Sara Bay Financial acquired a new position in shares of Royal Bank of Canada during the 4th quarter worth about $661,000. Sanibel Captiva Trust Company Inc. increased its position in shares of Royal Bank of Canada by 19.0% in the fourth quarter. Sanibel Captiva Trust Company Inc. now owns 2,666 shares of the financial services provider’s stock valued at $321,000 after acquiring an additional 425 shares during the last quarter. Finally, Merit Financial Group LLC raised its holdings in Royal Bank of Canada by 8.9% during the fourth quarter. Merit Financial Group LLC now owns 8,645 shares of the financial services provider’s stock worth $1,042,000 after acquiring an additional 705 shares in the last quarter. 45.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RY. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Wednesday, January 1st. 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. BMO Capital Markets dropped their price target on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. Finally, TD Securities cut shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada currently has an average rating of “Moderate Buy” and a consensus price target of $156.50.

Royal Bank of Canada Stock Performance

RY opened at $120.46 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 12-month low of $93.97 and a 12-month high of $128.05. The business has a 50 day moving average of $122.59 and a 200-day moving average of $119.31. The stock has a market cap of $170.29 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 1.77 and a beta of 0.87.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be issued a dividend of $1.0522 per share. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Monday, January 27th. This represents a $4.21 annualized dividend and a yield of 3.49%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 50.85%.

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.