Royal Bank of Canada (NYSE:RY) Position Boosted by Forum Financial Management LP

Forum Financial Management LP raised its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 7.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,589 shares of the financial services provider’s stock after buying an additional 1,276 shares during the quarter. Forum Financial Management LP’s holdings in Royal Bank of Canada were worth $2,120,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of RY. Norges Bank acquired a new position in Royal Bank of Canada in the fourth quarter worth approximately $2,425,519,000. Geode Capital Management LLC grew its stake in shares of Royal Bank of Canada by 31.2% in the fourth 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 last quarter. APG Asset Management N.V. lifted its position in Royal Bank of Canada by 1,600.9% in the fourth quarter. APG Asset Management N.V. now owns 1,427,075 shares of the financial services provider’s stock worth $166,084,000 after purchasing an additional 1,343,174 shares during the period. Vanguard Group Inc. lifted its position in Royal Bank of Canada by 1.9% in the fourth 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. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Royal Bank of Canada by 9.0% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider’s stock worth $1,338,156,000 after purchasing an additional 921,276 shares during the period. 45.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RY. Wall Street Zen raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, May 9th. CIBC restated an “outperform” rating on shares of Royal Bank of Canada in a research report on Tuesday. Scotiabank assumed coverage on Royal Bank of Canada in a research report on Thursday, May 15th. They set a “sector outperform” rating for the company. Finally, Cibc World Mkts upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 3rd. Two equities research 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 company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

Royal Bank of Canada Stock Up 1.3%

Shares of NYSE RY opened at $128.21 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. Royal Bank of Canada has a 52 week low of $102.44 and a 52 week high of $128.73. The stock has a market capitalization of $181.33 billion, a P/E ratio of 15.52, a PEG ratio of 1.80 and a beta of 0.89. The stock’s fifty day moving average is $117.54 and its 200 day moving average is $119.53.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Thursday, April 24th were paid a $1.0251 dividend. This represents a $4.10 annualized dividend and a yield of 3.20%. The ex-dividend date was Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 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.