Riversedge Advisors LLC Makes New $223,000 Investment in Royal Bank of Canada (NYSE:RY)

Riversedge Advisors LLC bought a new stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,848 shares of the financial services provider’s stock, valued at approximately $223,000.

A number of other institutional investors have also made changes to their positions in RY. FMR LLC grew its holdings in Royal Bank of Canada by 75.8% during the 3rd quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock worth $2,229,834,000 after acquiring an additional 7,702,585 shares during the last quarter. CIBC Asset Management Inc lifted its position in shares of Royal Bank of Canada by 0.9% during the third quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock worth $1,706,833,000 after purchasing an additional 124,348 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Royal Bank of Canada by 2.2% during the second quarter. The Manufacturers Life Insurance Company now owns 12,127,506 shares of the financial services provider’s stock valued at $1,289,274,000 after purchasing an additional 256,023 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Royal Bank of Canada by 1.8% in the second quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock valued at $1,118,150,000 after purchasing an additional 190,341 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Royal Bank of Canada by 9.3% in the 3rd quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock worth $805,616,000 after purchasing an additional 541,760 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on RY shares. BMO Capital Markets decreased their price objective on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $156.50.

Royal Bank of Canada Stock Up 0.3 %

NYSE:RY opened at $120.46 on Friday. The stock’s fifty day simple moving average is $122.59 and its 200-day simple moving average is $119.31. The firm has a market capitalization of $170.29 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.77 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 12-month low of $93.97 and a 12-month high of $128.05.

Royal Bank of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be issued a dividend of $1.0522 per share. The ex-dividend date of this dividend is Monday, January 27th. This represents a $4.21 dividend on an annualized basis and a yield of 3.49%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.03. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.85%.

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.