Royal Bank of Canada (NYSE:RY) Stock Holdings Lessened by Bank of Nova Scotia

Bank of Nova Scotia reduced its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 14.7% in the fourth quarter, HoldingsChannel.com reports. The firm owned 15,552,625 shares of the financial services provider’s stock after selling 2,687,035 shares during the period. Royal Bank of Canada comprises 3.4% of Bank of Nova Scotia’s investment portfolio, making the stock its 4th largest position. Bank of Nova Scotia’s holdings in Royal Bank of Canada were worth $1,874,892,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of RY. Invesco Ltd. lifted its position in shares of Royal Bank of Canada by 4.8% in the 4th quarter. Invesco Ltd. now owns 3,789,560 shares of the financial services provider’s stock worth $456,680,000 after purchasing an additional 172,829 shares during the period. Ruggaard & Associates LLC boosted its position in Royal Bank of Canada by 1.8% during the 4th quarter. Ruggaard & Associates LLC now owns 4,685 shares of the financial services provider’s stock valued at $565,000 after acquiring an additional 85 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co grew its holdings in shares of Royal Bank of Canada by 40.4% during the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 118,249 shares of the financial services provider’s stock worth $14,244,000 after acquiring an additional 34,000 shares during the period. Wedbush Securities Inc. raised its position in shares of Royal Bank of Canada by 9.2% in the 4th quarter. Wedbush Securities Inc. now owns 9,546 shares of the financial services provider’s stock worth $1,150,000 after acquiring an additional 807 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Royal Bank of Canada by 2.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 338,009 shares of the financial services provider’s stock valued at $40,733,000 after purchasing an additional 7,296 shares during the period. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Trading Down 1.5 %

Shares of NYSE RY opened at $109.29 on Tuesday. The firm’s 50 day moving average price is $116.33 and its 200-day moving average price is $120.58. Royal Bank of Canada has a 52-week low of $95.84 and a 52-week high of $128.05. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $154.28 billion, a PE ratio of 13.23, a P/E/G ratio of 1.80 and a beta of 0.82.

Royal Bank of Canada Cuts Dividend

The firm 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. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 annualized dividend and a dividend yield of 3.75%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 45.96%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on RY. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Cibc World Mkts raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. Finally, CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada presently 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.