Sunpointe LLC Grows Stake in Royal Bank of Canada (NYSE:RY)

Sunpointe LLC lifted its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 9.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,936 shares of the financial services provider’s stock after buying an additional 164 shares during the period. Sunpointe LLC’s holdings in Royal Bank of Canada were worth $233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Ieq Capital LLC boosted its stake in shares of Royal Bank of Canada by 12.6% in the 4th quarter. Ieq Capital LLC now owns 3,218 shares of the financial services provider’s stock worth $388,000 after buying an additional 359 shares during the last quarter. CogentBlue Wealth Advisors LLC purchased a new position in shares of Royal Bank of Canada in the 4th quarter worth $201,000. Alberta Investment Management Corp boosted its stake in shares of Royal Bank of Canada by 0.4% in the 4th quarter. Alberta Investment Management Corp now owns 3,583,817 shares of the financial services provider’s stock worth $431,892,000 after buying an additional 15,300 shares during the last quarter. Global Retirement Partners LLC boosted its stake in shares of Royal Bank of Canada by 6.6% in the 4th quarter. Global Retirement Partners LLC now owns 12,251 shares of the financial services provider’s stock worth $1,476,000 after buying an additional 755 shares during the last quarter. Finally, Atlas Legacy Advisors LLC purchased a new position in shares of Royal Bank of Canada in the 4th quarter worth $423,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RY has been the topic of several analyst reports. TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. 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 lowered their target price 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. Finally, StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock opened at $119.51 on Friday. The stock’s 50-day simple moving average is $120.61 and its 200-day simple moving average is $121.01. 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 $169.03 billion, a price-to-earnings 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 firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, January 27th will be given a $1.0522 dividend. This represents a $4.21 annualized dividend and a dividend yield of 3.52%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.03. The ex-dividend date is Monday, January 27th. Royal Bank of Canada’s payout ratio is presently 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.