Gitterman Wealth Management LLC Makes New Investment in Royal Bank of Canada (NYSE:RY)

Gitterman Wealth Management LLC acquired a new stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,907 shares of the financial services provider’s stock, valued at approximately $230,000.

A number of other hedge funds also recently added to or reduced their stakes in RY. FMR LLC lifted its position in shares of Royal Bank of Canada by 75.8% in the 3rd quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock worth $2,229,834,000 after purchasing an additional 7,702,585 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Royal Bank of Canada by 9.0% during the fourth 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 buying an additional 921,276 shares during the period. Geode Capital Management LLC boosted its position in Royal Bank of Canada by 9.3% during the 3rd quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock valued at $805,616,000 after acquiring an additional 541,760 shares in the last quarter. Alberta Investment Management Corp boosted its position in Royal Bank of Canada by 0.4% during the 4th quarter. Alberta Investment Management Corp now owns 3,583,817 shares of the financial services provider’s stock valued at $431,892,000 after acquiring an additional 15,300 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Royal Bank of Canada by 1.9% in the 4th 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 acquiring an additional 64,450 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on RY shares. BMO Capital Markets dropped 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 report on Thursday, December 5th. Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Finally, CIBC restated a “neutral” rating on shares of Royal Bank of Canada in a research note on Wednesday, March 5th. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Stock Up 2.5 %

RY stock opened at $111.52 on Friday. The stock 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. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week 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 firm has a 50 day moving average of $118.61 and a 200 day moving average of $121.52.

Royal Bank of Canada Cuts Dividend

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

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.