Royal Bank of Canada (NYSE:RY) Shares Bought by Forum Financial Management LP

Forum Financial Management LP grew its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 7.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 17,589 shares of the financial services provider’s stock after buying an additional 1,276 shares during the quarter. Forum Financial Management LP’s holdings in Royal Bank of Canada were worth $2,120,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of RY. Barclays PLC lifted its holdings in Royal Bank of Canada by 3.1% in the third quarter. Barclays PLC now owns 8,831 shares of the financial services provider’s stock valued at $1,101,000 after acquiring an additional 268 shares during the period. Te Ahumairangi Investment Management Ltd lifted its stake in shares of Royal Bank of Canada by 1.4% in the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 35,540 shares of the financial services provider’s stock valued at $4,416,000 after purchasing an additional 500 shares during the period. Fulcrum Equity Management purchased a new stake in Royal Bank of Canada during the third quarter worth $216,000. World Investment Advisors LLC grew its position in Royal Bank of Canada by 74.1% during the third quarter. World Investment Advisors LLC now owns 5,521 shares of the financial services provider’s stock valued at $689,000 after buying an additional 2,350 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new position in Royal Bank of Canada in the third quarter valued at $167,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on RY shares. Cibc World Mkts raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 3rd. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Finally, CIBC raised Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Friday, April 4th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $156.50.

Royal Bank of Canada Trading Up 0.4 %

RY stock opened at $116.14 on Friday. 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 has a 12-month low of $95.84 and a 12-month high of $128.05. The stock has a market cap of $163.95 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 1.80 and a beta of 0.82. The business’s 50-day moving average is $114.82 and its 200 day moving average is $119.86.

Royal Bank of Canada Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be issued a dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s payout ratio is 46.18%.

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.