Royal Bank of Canada (NYSE:RY) is Beutel Goodman & Co Ltd.’s Largest Position

Beutel Goodman & Co Ltd. reduced its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 20.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,459,760 shares of the financial services provider’s stock after selling 1,870,547 shares during the period. Royal Bank of Canada makes up approximately 4.9% of Beutel Goodman & Co Ltd.’s portfolio, making the stock its biggest position. Beutel Goodman & Co Ltd.’s holdings in Royal Bank of Canada were worth $898,987,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of RY. Norges Bank acquired a new position in Royal Bank of Canada during the 4th quarter worth about $2,425,519,000. Vanguard Group Inc. increased its stake in Royal Bank of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider’s stock worth $7,136,056,000 after purchasing an additional 1,104,975 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of 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 purchasing an additional 921,276 shares in the last quarter. Mufg Securities Canada LTD. boosted its stake in shares of Royal Bank of Canada by 72.0% in the fourth quarter. Mufg Securities Canada LTD. now owns 2,160,865 shares of the financial services provider’s stock valued at $260,373,000 after purchasing an additional 904,909 shares during the period. Finally, Hillsdale Investment Management Inc. grew its holdings in shares of Royal Bank of Canada by 360.8% in the fourth quarter. Hillsdale Investment Management Inc. now owns 881,128 shares of the financial services provider’s stock valued at $106,123,000 after purchasing an additional 689,904 shares in the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

RY has been the topic of a number of research reports. StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. BMO Capital Markets reduced 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 note on Thursday, December 5th. Finally, CIBC reissued 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 issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Trading Down 2.3 %

Shares of NYSE:RY opened at $112.04 on Friday. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05. The company’s 50 day moving average is $117.43 and its two-hundred day moving average is $121.05. The company has a market cap of $158.17 billion, a PE ratio of 13.56, a P/E/G ratio of 1.80 and a beta of 0.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be paid a $1.0251 dividend. This represents a $4.10 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio is presently 45.96%.

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.