Connor Clark & Lunn Investment Management Ltd. Purchases 921,276 Shares of Royal Bank of Canada (NYSE:RY)

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 9.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,112,451 shares of the financial services provider’s stock after buying an additional 921,276 shares during the quarter. Royal Bank of Canada makes up about 6.1% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its biggest position. Connor Clark & Lunn Investment Management Ltd.’s holdings in Royal Bank of Canada were worth $1,338,156,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in RY. Charles Schwab Investment Management Inc. grew its position in shares of Royal Bank of Canada by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider’s stock valued at $427,589,000 after purchasing an additional 64,450 shares during the period. PNC Financial Services Group Inc. increased its stake in Royal Bank of Canada by 6.3% during 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 purchasing an additional 4,980 shares during the last quarter. CIBC Asset Management Inc raised 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 valued at $1,706,833,000 after acquiring an additional 124,348 shares in the last quarter. Algert Global LLC acquired a new position in shares of Royal Bank of Canada during the third quarter valued at approximately $706,000. Finally, Bridgewater Associates LP boosted its position in shares of Royal Bank of Canada by 150.7% during the 3rd quarter. Bridgewater Associates LP now owns 74,025 shares of the financial services provider’s stock valued at $9,249,000 after purchasing an additional 44,494 shares in the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

NYSE:RY opened at $110.33 on Wednesday. Royal Bank of Canada has a 1-year low of $95.84 and a 1-year high of $128.05. The stock has a market capitalization of $156.05 billion, a PE ratio of 13.36, a P/E/G ratio of 1.80 and a beta of 0.88. The firm has a fifty day simple moving average of $119.19 and a 200 day simple moving average of $121.67. 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 Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be paid 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 3.72%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 45.96%.

Analyst Upgrades and Downgrades

RY has been the topic of several research analyst reports. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. CIBC reaffirmed a “neutral” rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. BMO Capital Markets lowered their price objective on 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. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. Finally, StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $156.50.

Royal Bank of Canada Company 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.