Royal Bank of Canada (NYSE:RY) Shares Bought by King Luther Capital Management Corp

King Luther Capital Management Corp grew its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 16.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,383 shares of the financial services provider’s stock after buying an additional 338 shares during the quarter. King Luther Capital Management Corp’s holdings in Royal Bank of Canada were worth $287,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Dunhill Financial LLC purchased a new position in Royal Bank of Canada in the third quarter worth $25,000. Larson Financial Group LLC purchased a new position in shares of Royal Bank of Canada in the 3rd quarter valued at about $26,000. Roxbury Financial LLC acquired a new stake in shares of Royal Bank of Canada in the fourth quarter valued at about $29,000. Jackson Grant Investment Advisers Inc. purchased a new stake in Royal Bank of Canada during the fourth quarter worth about $36,000. Finally, Kieckhefer Group LLC acquired a new position in Royal Bank of Canada during the fourth quarter worth about $36,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RY. Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. CIBC reiterated a “neutral” rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Finally, BMO Capital Markets lowered 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 research note on Thursday, December 5th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $156.50.

Royal Bank of Canada Stock Performance

NYSE RY opened at $108.88 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. The stock has a market cap of $153.99 billion, a price-to-earnings ratio of 13.18, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a fifty-two week low of $95.84 and a fifty-two week high of $128.05. The business has a fifty day moving average of $118.79 and a 200-day moving average of $121.51.

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 dividend of $1.0251 per share. The ex-dividend date is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.77%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 45.96%.

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.