Nuveen Asset Management LLC Buys 5,821 Shares of Royal Bank of Canada (NYSE:RY)

Nuveen Asset Management LLC raised its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,649,256 shares of the financial services provider’s stock after buying an additional 5,821 shares during the period. Nuveen Asset Management LLC’s holdings in Royal Bank of Canada were worth $198,755,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. WealthTrak Capital Management LLC bought a new stake in shares of Royal Bank of Canada during the fourth quarter valued at approximately $28,000. Roxbury Financial LLC bought a new position in Royal Bank of Canada in the 4th quarter valued at approximately $29,000. Optiver Holding B.V. bought a new position in shares of Royal Bank of Canada during the fourth quarter valued at $35,000. Crews Bank & Trust purchased a new stake in shares of Royal Bank of Canada during the 4th quarter valued at about $36,000. Finally, Jackson Grant Investment Advisers Inc. purchased a new position in shares of Royal Bank of Canada in the 4th quarter worth $36,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RY. Scotiabank assumed coverage on Royal Bank of Canada in a report on Thursday. They issued a “sector outperform” rating on the stock. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, May 9th. Cibc World Mkts raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 3rd. Finally, 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. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Royal Bank of Canada currently has a consensus rating of “Moderate Buy” and an average price target of $156.50.

Royal Bank of Canada Stock Up 1.8%

Shares of NYSE:RY opened at $124.71 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The business’s 50 day moving average is $115.68 and its 200 day moving average is $119.36. The stock has a market cap of $176.05 billion, a P/E ratio of 15.10, a price-to-earnings-growth ratio of 1.80 and a beta of 0.89. 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 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 3.29%. Royal Bank of Canada’s dividend payout ratio is currently 46.18%.

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.