Congress Wealth Management LLC DE Invests $255,000 in Royal Bank of Canada (NYSE:RY)

Congress Wealth Management LLC DE acquired a new stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,120 shares of the financial services provider’s stock, valued at approximately $255,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Royal Bank of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider’s stock valued at $7,136,056,000 after acquiring an additional 1,104,975 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Royal Bank of Canada by 9.0% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider’s stock valued at $1,338,156,000 after purchasing an additional 921,276 shares during the period. Hillsdale Investment Management Inc. grew its position in Royal Bank of Canada by 360.8% in the 4th quarter. Hillsdale Investment Management Inc. now owns 881,128 shares of the financial services provider’s stock worth $106,123,000 after purchasing an additional 689,904 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Royal Bank of Canada in the fourth quarter valued at approximately $70,429,000. Finally, Geode Capital Management LLC raised its holdings in shares of Royal Bank of Canada by 9.3% during the third quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock valued at $805,616,000 after buying an additional 541,760 shares during the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Stock Down 2.3 %

Shares of RY stock opened at $112.04 on Friday. Royal Bank of Canada has a 1 year low of $95.84 and a 1 year high of $128.05. 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 business’s fifty day moving average is $117.43 and its 200-day moving average is $121.04. The stock has a market cap of $158.17 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be given a $1.0251 dividend. This represents a $4.10 annualized dividend and a yield of 3.66%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 45.96%.

Analysts Set New Price Targets

RY has been the subject of a number of recent analyst reports. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. BMO Capital Markets lowered their price target on 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. Finally, CIBC reaffirmed a “neutral” rating on shares of Royal Bank of Canada in a report on Wednesday, March 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.