Royal Bank of Canada (NYSE:RY) is Bank of Nova Scotia’s 4th Largest Position

Bank of Nova Scotia decreased its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 14.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund 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 approximately 3.4% of Bank of Nova Scotia’s portfolio, making the stock its 4th biggest holding. Bank of Nova Scotia owned 1.10% of Royal Bank of Canada worth $1,874,892,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Royal Bank of Canada by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider’s stock worth $7,136,056,000 after purchasing an additional 1,104,975 shares during the period. Norges Bank purchased a new stake in shares of Royal Bank of Canada in the fourth quarter worth about $2,425,519,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in Royal Bank of Canada by 9.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider’s stock valued at $1,338,156,000 after acquiring an additional 921,276 shares in the last quarter. Geode Capital Management LLC increased its holdings in Royal Bank of Canada by 31.2% during the 4th quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider’s stock worth $1,027,061,000 after acquiring an additional 1,991,364 shares during the period. Finally, GQG Partners LLC lifted its stake in Royal Bank of Canada by 0.9% in the 4th quarter. GQG Partners LLC now owns 5,796,767 shares of the financial services provider’s stock worth $698,579,000 after purchasing an additional 51,277 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

RY stock opened at $109.29 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 firm has a market cap of $154.28 billion, a P/E ratio of 13.23, a P/E/G ratio of 1.80 and a beta of 0.82. The firm’s fifty day moving average is $116.33 and its 200 day moving average is $120.58. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be issued a $1.0251 dividend. The ex-dividend date 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 is currently 45.96%.

Wall Street Analysts Forecast Growth

RY has been the topic of several research analyst reports. StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. CIBC upgraded Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research report on Friday. Finally, Cibc World Mkts upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Royal Bank of Canada presently has an average rating of “Buy” and an average target price 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.