Royal Bank of Canada (NYSE:RY) Position Lowered by Addenda Capital Inc.

Addenda Capital Inc. trimmed its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 759,990 shares of the financial services provider’s stock after selling 20,469 shares during the period. Royal Bank of Canada comprises about 4.2% of Addenda Capital Inc.’s portfolio, making the stock its 3rd largest holding. Addenda Capital Inc.’s holdings in Royal Bank of Canada were worth $91,586,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. FMR LLC grew its stake in shares of Royal Bank of Canada by 75.8% in the third quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock worth $2,229,834,000 after acquiring an additional 7,702,585 shares during the period. CIBC Asset Management Inc lifted its position in Royal Bank of Canada by 0.9% during the third quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock valued at $1,706,833,000 after purchasing an additional 124,348 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Royal Bank of Canada by 2.2% in the second quarter. The Manufacturers Life Insurance Company now owns 12,127,506 shares of the financial services provider’s stock worth $1,289,274,000 after purchasing an additional 256,023 shares during the last quarter. Legal & General Group Plc grew its position in Royal Bank of Canada by 1.8% in the 2nd quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock worth $1,118,150,000 after purchasing an additional 190,341 shares during the period. Finally, Geode Capital Management LLC raised its stake in Royal Bank of Canada by 9.3% during the 3rd quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock valued at $805,616,000 after buying an additional 541,760 shares during the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. BMO Capital Markets dropped their target price on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. Finally, Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $156.50.

Royal Bank of Canada Stock Performance

NYSE:RY opened at $120.46 on Tuesday. 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 stock has a 50-day simple moving average of $122.59 and a two-hundred day simple moving average of $119.47. The firm has a market capitalization of $170.38 billion, a PE ratio of 14.58, a P/E/G ratio of 1.80 and a beta of 0.87. Royal Bank of Canada has a 52-week low of $93.97 and a 52-week high of $128.05.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be paid a dividend of $1.0522 per share. The ex-dividend date of this dividend is Monday, January 27th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.03. This represents a $4.21 dividend on an annualized basis and a dividend yield of 3.49%. Royal Bank of Canada’s payout ratio is 50.85%.

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.