Royal Bank of Canada (NYSE:RY) Shares Sold by Hemenway Trust Co LLC

Hemenway Trust Co LLC cut its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 9.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 3,190 shares of the financial services provider’s stock after selling 350 shares during the period. Hemenway Trust Co LLC’s holdings in Royal Bank of Canada were worth $384,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Royal Bank of Canada during the 4th quarter worth about $2,425,519,000. Geode Capital Management LLC raised its holdings in shares of Royal Bank of Canada by 31.2% during the fourth quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider’s stock valued at $1,027,061,000 after acquiring an additional 1,991,364 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Royal Bank of Canada by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider’s stock valued at $7,136,056,000 after acquiring an additional 1,104,975 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Royal Bank of Canada by 9.0% in 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 acquiring an additional 921,276 shares during the last quarter. Finally, 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 worth $260,373,000 after acquiring an additional 904,909 shares during the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Stock Down 3.5 %

Shares of RY opened at $111.13 on Friday. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The stock has a fifty day simple moving average of $116.60 and a two-hundred day simple moving average of $120.71. The company has a market capitalization of $156.88 billion, a PE ratio of 13.45, a price-to-earnings-growth ratio of 1.80 and a beta of 0.82.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be given a dividend of $1.0251 per share. This represents a $4.10 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s payout ratio is currently 45.96%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on RY shares. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. CIBC upgraded shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research report on Friday. Finally, Cibc World Mkts upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Royal Bank of Canada has a consensus rating of “Buy” and a consensus price target of $156.50.

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.