AGF Management Ltd. Sells 27,934 Shares of Royal Bank of Canada (NYSE:RY)

AGF Management Ltd. lowered its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,230,446 shares of the financial services provider’s stock after selling 27,934 shares during the period. Royal Bank of Canada accounts for about 1.4% of AGF Management Ltd.’s holdings, making the stock its 13th largest holding. AGF Management Ltd. owned 0.16% of Royal Bank of Canada worth $268,791,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new stake in Royal Bank of Canada during the 3rd quarter valued at $25,000. Dunhill Financial LLC bought a new stake in Royal Bank of Canada in the 3rd quarter worth about $25,000. Larson Financial Group LLC bought a new position in Royal Bank of Canada during the 3rd quarter valued at about $26,000. Roxbury Financial LLC purchased a new stake in Royal Bank of Canada in the fourth quarter worth approximately $29,000. Finally, Jackson Grant Investment Advisers Inc. bought a new position in shares of Royal Bank of Canada during the 4th quarter valued at $36,000. 45.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RY shares. TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Barclays raised Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. BMO Capital Markets reduced their target price on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. CIBC reiterated a “neutral” rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. Finally, StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Royal Bank of Canada has a consensus rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Stock Performance

NYSE RY opened at $113.05 on Tuesday. The stock has a market capitalization of $159.89 billion, a PE ratio of 13.69, a P/E/G ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a 1-year low of $95.84 and a 1-year high of $128.05. The business has a 50 day simple moving average of $119.40 and a two-hundred day simple moving average of $121.71. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be given a dividend of $1.0251 per share. The ex-dividend date is Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.63%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 45.96%.

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.