Ethic Inc. Invests $544,000 in Royal Bank of Canada (NYSE:RY)

Ethic Inc. purchased a new position in Royal Bank of Canada (NYSE:RY) (TSE:RY) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 4,513 shares of the financial services provider’s stock, valued at approximately $544,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. WealthTrak Capital Management LLC bought a new position in shares of Royal Bank of Canada in the fourth quarter worth approximately $28,000. Roxbury Financial LLC purchased a new stake in Royal Bank of Canada during the fourth quarter valued at $29,000. Optiver Holding B.V. purchased a new stake in Royal Bank of Canada during the fourth quarter valued at $35,000. Crews Bank & Trust purchased a new stake in Royal Bank of Canada during the fourth quarter valued at $36,000. Finally, Jackson Grant Investment Advisers Inc. purchased a new stake in Royal Bank of Canada during the fourth quarter valued at $36,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Up 1.8%

RY stock opened at $124.71 on Friday. The firm has a 50 day moving average of $115.68 and a 200 day moving average of $119.36. The stock has a market capitalization of $176.05 billion, a PE ratio of 15.10, a price-to-earnings-growth ratio of 1.80 and a beta of 0.89. 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 52 week low of $102.44 and a 52 week high of $128.05.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be given a dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio is presently 46.18%.

Wall Street Analysts Forecast Growth

RY has been the topic of several recent analyst reports. CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research note on Friday, April 4th. Cibc World Mkts raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, May 9th. Finally, Scotiabank assumed coverage on shares of Royal Bank of Canada in a report on Thursday. They issued a “sector outperform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $156.50.

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.