Stonebridge Capital Advisors LLC Cuts Stake in Royal Bank of Canada (NYSE:RY)

by · The Markets Daily

Stonebridge Capital Advisors LLC lessened its holdings in shares of Royal Bank of Canada (NYSE:RY – Free Report) (TSE:RY) by 12.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,153 shares of the financial services provider’s stock after selling 295 shares during the quarter. Stonebridge Capital Advisors LLC’s holdings in Royal Bank of Canada were worth $259,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in shares of Royal Bank of Canada by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider’s stock valued at $427,589,000 after buying an additional 64,450 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Royal Bank of Canada during the fourth quarter valued at $60,034,000. Wealth High Governance Capital Ltda bought a new stake in Royal Bank of Canada in the 4th quarter valued at $10,243,000. Jones Financial Companies Lllp lifted its stake in Royal Bank of Canada by 1,322.0% in the 4th quarter. Jones Financial Companies Lllp now owns 4,010 shares of the financial services provider’s stock worth $483,000 after purchasing an additional 3,728 shares in the last quarter. Finally, APG Asset Management N.V. boosted its holdings in shares of Royal Bank of Canada by 1,600.9% during the 4th quarter. APG Asset Management N.V. now owns 1,427,075 shares of the financial services provider’s stock valued at $166,084,000 after purchasing an additional 1,343,174 shares during the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Get Our Latest Report on Royal Bank of Canada

Royal Bank of Canada Trading Down 0.1 %

RY opened at $117.67 on Friday. Royal Bank of Canada has a 12 month low of $95.84 and a 12 month high of $128.05. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average of $114.67 and a 200 day moving average of $119.72. The firm has a market cap of $166.11 billion, a P/E ratio of 14.25, a P/E/G ratio of 1.80 and a beta of 0.82.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders 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 dividend yield of 3.48%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio is currently 46.18%.

About Royal Bank of Canada

(Free Report)

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.

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