Royal Bank of Canada (NYSE:RY) Stock Position Reduced by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 21.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,762,432 shares of the financial services provider’s stock after selling 762,668 shares during the period. Royal Bank of Canada comprises about 2.0% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings, making the stock its 8th largest position. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.20% of Royal Bank of Canada worth $332,651,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Focus Partners Advisor Solutions LLC increased its position in shares of Royal Bank of Canada by 11.9% during the fourth quarter. Focus Partners Advisor Solutions LLC now owns 8,788 shares of the financial services provider’s stock worth $1,059,000 after purchasing an additional 932 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of Royal Bank of Canada in the fourth quarter valued at $2,903,000. Vident Advisory LLC grew its holdings in Royal Bank of Canada by 15.2% during the 4th quarter. Vident Advisory LLC now owns 4,597 shares of the financial services provider’s stock valued at $554,000 after buying an additional 608 shares during the last quarter. Twinbeech Capital LP purchased a new position in shares of Royal Bank of Canada during the fourth quarter valued at approximately $507,000. Finally, Tremblant Capital Group grew its holdings in Royal Bank of Canada by 14.8% in the 4th quarter. Tremblant Capital Group now owns 20,960 shares of the financial services provider’s stock valued at $2,527,000 after buying an additional 2,708 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RY has been the topic of several research reports. Scotiabank started coverage on Royal Bank of Canada in a research report on Thursday, May 15th. They issued a “sector outperform” rating on the stock. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, May 9th. 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. Finally, CIBC upgraded shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Friday, April 4th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $156.50.

Royal Bank of Canada Stock Performance

Shares of NYSE:RY opened at $126.44 on Wednesday. The business has a 50-day moving average price of $116.66 and a two-hundred day moving average price of $119.42. The stock has a market capitalization of $178.84 billion, a P/E ratio of 15.31, a P/E/G ratio of 1.80 and a beta of 0.89. 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 1-year low of $102.44 and a 1-year high of $128.05.

Royal Bank of Canada Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be given a $1.0251 dividend. This represents a $4.10 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 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.