Canopy Partners LLC Has $340,000 Stock Position in Royal Bank of Canada (NYSE:RY)

Canopy Partners LLC lessened its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,819 shares of the financial services provider’s stock after selling 114 shares during the quarter. Canopy Partners LLC’s holdings in Royal Bank of Canada were worth $340,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Royal Bank of Canada in the 4th quarter valued at about $2,425,519,000. Geode Capital Management LLC lifted its position in shares of Royal Bank of Canada by 31.2% in the fourth quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider’s stock valued at $1,027,061,000 after buying an additional 1,991,364 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Royal Bank of Canada by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider’s stock worth $7,136,056,000 after acquiring an additional 1,104,975 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of 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 worth $1,338,156,000 after acquiring an additional 921,276 shares during the last quarter. Finally, Mufg Securities Canada LTD. increased its holdings in shares of Royal Bank of Canada by 72.0% during the 4th quarter. Mufg Securities Canada LTD. now owns 2,160,865 shares of the financial services provider’s stock worth $260,373,000 after acquiring an additional 904,909 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank of Canada Stock Down 3.5 %

Shares of NYSE:RY opened at $111.13 on Monday. 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 $156.88 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 1.80 and a beta of 0.82. The business’s 50 day moving average is $116.60 and its 200 day moving average is $120.68. Royal Bank of Canada has a 12-month low of $95.84 and a 12-month high of $128.05.

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 paid a dividend of $1.0251 per share. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 annualized dividend and a dividend yield of 3.69%. Royal Bank of Canada’s payout ratio is 45.96%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research report on Friday. Cibc World Mkts upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday. Finally, StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target 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.