Royal Bank of Canada (NYSE:RY) Shares Sold by JCIC Asset Management Inc.
JCIC Asset Management Inc. trimmed its stake in Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) by 4.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 108,047 shares of the financial services provider’s stock after selling 4,453 shares during the quarter. Royal Bank of Canada accounts for 5.0% of JCIC Asset Management Inc.’s portfolio, making the stock its 4th largest position. JCIC Asset Management Inc.’s holdings in Royal Bank of Canada were worth $10,148,000 as of its most recent SEC filing.
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A number of other hedge funds have also made changes to their positions in the stock. Richard P Slaughter Associates Inc lifted its position in shares of Royal Bank of Canada by 2.6% in the fourth quarter. Richard P Slaughter Associates Inc now owns 14,191 shares of the financial services provider’s stock worth $1,334,000 after purchasing an additional 359 shares in the last quarter. Nexus Investment Management ULC lifted its position in shares of Royal Bank of Canada by 0.9% in the fourth quarter. Nexus Investment Management ULC now owns 508,921 shares of the financial services provider’s stock worth $47,857,000 after purchasing an additional 4,455 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Royal Bank of Canada by 1.6% in the third quarter. Bank of New York Mellon Corp now owns 1,675,277 shares of the financial services provider’s stock worth $150,843,000 after purchasing an additional 26,537 shares in the last quarter. Power Corp of Canada purchased a new stake in shares of Royal Bank of Canada in the third quarter worth approximately $2,022,000. Finally, CENTRAL TRUST Co lifted its position in shares of Royal Bank of Canada by 14.7% in the third quarter. CENTRAL TRUST Co now owns 3,420 shares of the financial services provider’s stock worth $308,000 after purchasing an additional 439 shares in the last quarter. 41.19% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts recently weighed in on the stock. Canaccord Genuity Group raised their price objective on shares of Royal Bank of Canada from C$131.00 to C$136.00 and gave the company a “buy” rating in a research report on Thursday, December 1st. Desjardins raised their price objective on shares of Royal Bank of Canada from C$145.00 to C$147.00 in a research report on Tuesday, February 7th. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday. Keefe, Bruyette & Woods raised shares of Royal Bank of Canada from an “underperform” rating to a “market perform” rating in a research report on Thursday, December 1st. Finally, National Bank Financial cut their price objective on shares of Royal Bank of Canada from C$148.00 to C$147.00 in a research report on Thursday, December 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $139.50.
Royal Bank of Canada Stock Performance
RY stock traded down $2.45 during midday trading on Friday, hitting $92.81. 521,944 shares of the company traded hands, compared to its average volume of 899,494. Royal Bank of Canada has a twelve month low of $83.63 and a twelve month high of $114.55. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11. The business has a 50 day simple moving average of $100.64 and a 200-day simple moving average of $96.54. The stock has a market capitalization of $128.62 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 1.70 and a beta of 0.84.
Royal Bank of Canada Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 24th. Stockholders of record on Tuesday, April 25th will be paid a $0.992 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.98. The ex-dividend date of this dividend is Monday, April 24th. This represents a $3.97 annualized dividend and a dividend yield of 4.28%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 48.32%.
Royal Bank of Canada Company Profile
Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.
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