Royal Bank of Canada (NYSE:RY) Stake Cut by Rempart Asset Management Inc.

Rempart Asset Management Inc. lowered its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 217,002 shares of the financial services provider’s stock after selling 3,197 shares during the period. Royal Bank of Canada makes up about 5.2% of Rempart Asset Management Inc.’s investment portfolio, making the stock its 5th largest position. Rempart Asset Management Inc.’s holdings in Royal Bank of Canada were worth $26,106,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in RY. PNC Financial Services Group Inc. boosted its holdings in shares of Royal Bank of Canada by 6.3% in the third quarter. PNC Financial Services Group Inc. now owns 84,045 shares of the financial services provider’s stock valued at $10,483,000 after acquiring an additional 4,980 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Royal Bank of Canada by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock worth $1,118,150,000 after buying an additional 190,341 shares in the last quarter. Creative Planning boosted its position in shares of Royal Bank of Canada by 6.4% during the 3rd quarter. Creative Planning now owns 211,411 shares of the financial services provider’s stock worth $26,369,000 after purchasing an additional 12,693 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Royal Bank of Canada by 0.9% in 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 in the last quarter. Finally, Algert Global LLC purchased a new position in Royal Bank of Canada in the 3rd quarter valued at about $706,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Analyst Ratings Changes

RY has been the subject of a number of analyst reports. BMO Capital Markets cut their price objective 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. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Wednesday, January 1st. TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $156.50.

Royal Bank of Canada Trading Down 0.7 %

Shares of Royal Bank of Canada stock traded down $0.89 during trading hours on Wednesday, hitting $120.44. The company’s stock had a trading volume of 108,702 shares, compared to its average volume of 625,086. The business has a fifty day moving average of $123.07 and a 200 day moving average of $118.73. Royal Bank of Canada has a 1-year low of $93.97 and a 1-year high of $128.05. 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 company has a market capitalization of $170.26 billion, a PE ratio of 14.58, a P/E/G ratio of 1.86 and a beta of 0.87.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be given a $1.0522 dividend. 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 yield of 3.49%. Royal Bank of Canada’s dividend payout ratio (DPR) is 52.91%.

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.