Cidel Asset Management Inc. Boosts Stock Holdings in Royal Bank of Canada (NYSE:RY)

Cidel Asset Management Inc. boosted its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.6% during the fourth quarter, Holdings Channel reports. The firm owned 575,309 shares of the financial services provider’s stock after acquiring an additional 3,238 shares during the quarter. Royal Bank of Canada makes up about 4.7% of Cidel Asset Management Inc.’s investment portfolio, making the stock its biggest position. Cidel Asset Management Inc.’s holdings in Royal Bank of Canada were worth $69,331,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of RY. PNC Financial Services Group Inc. increased its position 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 valued at $10,483,000 after buying an additional 4,980 shares during the period. Creative Planning boosted its position in Royal Bank of Canada by 6.4% during the 3rd quarter. Creative Planning now owns 211,411 shares of the financial services provider’s stock valued at $26,369,000 after acquiring an additional 12,693 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Royal Bank of Canada by 0.9% during the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock worth $1,706,833,000 after acquiring an additional 124,348 shares during the period. Algert Global LLC bought a new position in shares of Royal Bank of Canada in the 3rd quarter worth approximately $706,000. Finally, Bridgewater Associates LP lifted its stake in shares of Royal Bank of Canada by 150.7% in the 3rd quarter. Bridgewater Associates LP now owns 74,025 shares of the financial services provider’s stock valued at $9,249,000 after purchasing an additional 44,494 shares during the period. Institutional investors own 45.31% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on RY. BMO Capital Markets reduced 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. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. Finally, TD Securities cut shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. One equities research 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Price Performance

Shares of NYSE:RY opened at $119.26 on Friday. The business has a fifty day moving average price of $121.92 and a 200-day moving average price of $120.40. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $168.68 billion, a PE ratio of 14.44, a PEG ratio of 1.78 and a beta of 0.87. Royal Bank of Canada has a 1-year low of $93.97 and a 1-year high of $128.05.

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. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. This represents a $4.21 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date of this dividend is Monday, January 27th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 49.76%.

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.