Pinnacle Financial Partners Inc Reduces Holdings in Royal Bank of Canada (NYSE:RY)

Pinnacle Financial Partners Inc decreased its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,658 shares of the financial services provider’s stock after selling 500 shares during the period. Pinnacle Financial Partners Inc’s holdings in Royal Bank of Canada were worth $2,007,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC increased its stake in Royal Bank of Canada by 75.8% during the 3rd quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock worth $2,229,834,000 after buying an additional 7,702,585 shares during the period. CIBC Asset Management Inc increased its stake in Royal Bank of Canada by 0.9% during the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock worth $1,706,833,000 after buying an additional 124,348 shares during the period. Geode Capital Management LLC increased its stake in Royal Bank of Canada by 9.3% during the 3rd quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock worth $805,616,000 after buying an additional 541,760 shares during the period. Fiera Capital Corp increased its stake in Royal Bank of Canada by 3.7% during the 3rd quarter. Fiera Capital Corp now owns 4,759,385 shares of the financial services provider’s stock worth $594,791,000 after buying an additional 171,125 shares during the period. Finally, Alberta Investment Management Corp increased its position in shares of Royal Bank of Canada by 0.4% in the 4th quarter. Alberta Investment Management Corp now owns 3,583,817 shares of the financial services provider’s stock worth $431,892,000 after purchasing an additional 15,300 shares during the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Trading Down 0.6 %

NYSE RY opened at $118.92 on Friday. Royal Bank of Canada has a one year low of $95.84 and a one year high of $128.05. The company has a 50-day simple moving average of $120.50 and a 200-day simple moving average of $121.20. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $168.20 billion, a PE ratio of 14.40, a price-to-earnings-growth ratio of 1.80 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. Stockholders of record on Monday, January 27th will be issued a $1.0522 dividend. The ex-dividend date of this dividend 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 3.54%. Royal Bank of Canada’s payout ratio is 49.76%.

Wall Street Analysts Forecast Growth

RY has been the subject of several research analyst reports. BMO Capital Markets dropped their target price on shares of 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. TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. Finally, StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research 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 MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $156.50.

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.