Summerhill Capital Management lnc. Boosts Stake in Royal Bank of Canada (NYSE:RY)

Summerhill Capital Management lnc. grew its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 57,822 shares of the financial services provider’s stock after purchasing an additional 1,561 shares during the quarter. Royal Bank of Canada accounts for 5.2% of Summerhill Capital Management lnc.’s investment portfolio, making the stock its 12th biggest position. Summerhill Capital Management lnc.’s holdings in Royal Bank of Canada were worth $6,965,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its stake in shares of 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 worth $10,483,000 after purchasing an additional 4,980 shares in the last quarter. CIBC Asset Management Inc lifted its stake in shares of Royal Bank of Canada by 0.9% during the third quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock worth $1,706,833,000 after purchasing 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 worth about $706,000. Bridgewater Associates LP lifted its stake in shares of Royal Bank of Canada by 150.7% during the third quarter. Bridgewater Associates LP now owns 74,025 shares of the financial services provider’s stock worth $9,249,000 after purchasing an additional 44,494 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Royal Bank of Canada by 9.3% in the third quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock worth $805,616,000 after acquiring an additional 541,760 shares in the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Analyst Upgrades and Downgrades

RY has been the topic of several recent analyst reports. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Wednesday, January 1st. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. BMO Capital Markets cut their price target 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. Finally, TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Royal Bank of Canada currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

Royal Bank of Canada Trading Down 0.9 %

Shares of NYSE RY opened at $119.51 on Friday. The stock’s 50 day moving average price is $120.61 and its two-hundred day moving average price is $121.01. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05. The stock has a market capitalization of $169.03 billion, a P/E ratio of 14.47, a PEG ratio of 1.81 and a beta of 0.87. 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be paid a dividend of $1.0522 per share. The ex-dividend date is Monday, January 27th. This represents a $4.21 annualized dividend and a yield of 3.52%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.03. Royal Bank of Canada’s dividend payout ratio is presently 49.76%.

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.