EverSource Wealth Advisors LLC Grows Position in Royal Bank of Canada (NYSE:RY)

EverSource Wealth Advisors LLC grew its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 10.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,628 shares of the financial services provider’s stock after purchasing an additional 157 shares during the period. EverSource Wealth Advisors LLC’s holdings in Royal Bank of Canada were worth $196,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Financial Management Professionals Inc. lifted its position in shares of Royal Bank of Canada by 26.8% during the 4th quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider’s stock valued at $51,000 after buying an additional 90 shares in the last quarter. Drive Wealth Management LLC lifted its position in shares of Royal Bank of Canada by 3.4% during the 3rd quarter. Drive Wealth Management LLC now owns 2,799 shares of the financial services provider’s stock valued at $349,000 after buying an additional 92 shares in the last quarter. Ballentine Partners LLC lifted its position in shares of Royal Bank of Canada by 2.2% during the 4th quarter. Ballentine Partners LLC now owns 4,308 shares of the financial services provider’s stock valued at $519,000 after buying an additional 94 shares in the last quarter. Richardson Financial Services Inc. lifted its position in shares of Royal Bank of Canada by 45.7% during the 4th quarter. Richardson Financial Services Inc. now owns 306 shares of the financial services provider’s stock valued at $37,000 after buying an additional 96 shares in the last quarter. Finally, DAVENPORT & Co LLC lifted its position in shares of Royal Bank of Canada by 0.8% during the 4th quarter. DAVENPORT & Co LLC now owns 12,466 shares of the financial services provider’s stock valued at $1,502,000 after buying an additional 101 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Analyst Ratings Changes

RY has been the topic of a number of recent analyst reports. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. BMO Capital Markets reduced 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 note on Thursday, December 5th. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Finally, CIBC reissued a “neutral” rating on shares of Royal Bank of Canada in a research note on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Stock Up 2.5 %

Shares of RY opened at $111.52 on Monday. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05. The company has a market capitalization of $157.43 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. The stock has a fifty day simple moving average of $118.61 and a two-hundred day simple moving average of $121.54. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be paid a $1.0251 dividend. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 45.96%.

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.