Verum Partners LLC Makes New $2.35 Million Investment in Royal Bank of Canada (NYSE:RY)

Verum Partners LLC purchased a new stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 19,525 shares of the financial services provider’s stock, valued at approximately $2,353,000.

Other hedge funds also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new stake in shares of Royal Bank of Canada in the third quarter worth $25,000. Dunhill Financial LLC purchased a new position in Royal Bank of Canada during the third quarter valued at approximately $25,000. Larson Financial Group LLC acquired a new stake in shares of Royal Bank of Canada in the 3rd quarter valued at $26,000. Grove Bank & Trust acquired a new position in Royal Bank of Canada in the 3rd quarter valued at $28,000. Finally, Whittier Trust Co. of Nevada Inc. grew its position in Royal Bank of Canada by 110.3% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 118 shares during the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RY shares. BMO Capital Markets lowered their target price 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. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. Finally, TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $156.50.

Royal Bank of Canada Stock Up 1.5 %

RY stock opened at $122.32 on Wednesday. Royal Bank of Canada has a 1-year low of $93.97 and a 1-year high of $128.05. The stock’s fifty day simple moving average is $122.52 and its two-hundred day simple moving average is $119.55. The stock has a market cap of $173.00 billion, a P/E ratio of 14.81, a P/E/G ratio of 1.80 and a beta of 0.87. 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, January 27th will be given a dividend of $1.0522 per share. The ex-dividend date is Monday, January 27th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. This represents a $4.21 annualized dividend and a dividend yield of 3.44%. Royal Bank of Canada’s dividend payout ratio is 50.85%.

Royal Bank of Canada Profile

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.