Charles Schwab Investment Management Inc. Purchases 64,450 Shares of Royal Bank of Canada (NYSE:RY)

Charles Schwab Investment Management Inc. grew its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 3,548,041 shares of the financial services provider’s stock after acquiring an additional 64,450 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Royal Bank of Canada were worth $427,589,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its position in 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 buying an additional 7,702,585 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Royal Bank of Canada by 165.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider’s stock worth $361,532,000 after buying an additional 1,804,022 shares during the last quarter. Geode Capital Management LLC lifted its position in Royal Bank of Canada by 9.3% in the third quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock worth $805,616,000 after buying an additional 541,760 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in Royal Bank of Canada by 18.2% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,336,354 shares of the financial services provider’s stock worth $291,925,000 after buying an additional 359,719 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Royal Bank of Canada in the third quarter worth $42,072,000. 45.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Barclays upgraded 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 Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research note on Thursday, December 5th. Finally, StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Two investment 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $156.50.

Royal Bank of Canada Stock Performance

RY stock opened at $112.74 on Wednesday. The firm has a market cap of $159.45 billion, a price-to-earnings ratio of 13.65, a PEG ratio of 1.80 and a beta of 0.87. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a twelve month low of $95.84 and a twelve month high of $128.05. The business’s fifty day simple moving average is $119.91 and its two-hundred day simple moving average is $121.66.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be paid a dividend of $1.0251 per share. The ex-dividend date is Thursday, April 24th. This represents a $4.10 annualized dividend and a dividend yield of 3.64%. Royal Bank of Canada’s dividend payout ratio is currently 45.73%.

Royal Bank of Canada 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.