Alliancebernstein L.P. Raises Stock Holdings in Royal Bank of Canada (NYSE:RY)

Alliancebernstein L.P. grew its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 881,634 shares of the financial services provider’s stock after acquiring an additional 7,190 shares during the quarter. Alliancebernstein L.P. owned about 0.06% of Royal Bank of Canada worth $106,246,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Dunhill Financial LLC purchased a new position in Royal Bank of Canada during the 3rd quarter worth $25,000. Roxbury Financial LLC acquired a new stake in shares of Royal Bank of Canada during the fourth quarter worth about $29,000. WealthTrak Capital Management LLC acquired a new stake in shares of Royal Bank of Canada during the fourth quarter worth about $28,000. Jackson Grant Investment Advisers Inc. purchased a new position in shares of 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 in the 4th quarter valued at about $36,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank of Canada Stock Up 0.8 %

Royal Bank of Canada stock opened at $114.56 on Thursday. The stock’s 50 day moving average price is $116.97 and its 200 day moving average price is $120.83. The company has a market cap of $161.72 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. Royal Bank of Canada has a 1-year low of $95.84 and a 1-year high of $128.05.

Royal Bank of Canada Cuts Dividend

The business also recently declared 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 of this dividend is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.58%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 45.96%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. BMO Capital Markets decreased their price objective on 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. CIBC reaffirmed a “neutral” rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. Finally, 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. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.