Royal Bank of Canada (NYSE:RY) Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc trimmed its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,658 shares of the financial services provider’s stock after selling 500 shares during the period. Pinnacle Financial Partners Inc’s holdings in Royal Bank of Canada were worth $2,007,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RY. FMR LLC boosted its stake 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 valued at $2,229,834,000 after purchasing an additional 7,702,585 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Royal Bank of Canada by 165.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider’s stock valued at $361,532,000 after purchasing an additional 1,804,022 shares during the period. International Assets Investment Management LLC acquired a new position in Royal Bank of Canada during the 3rd quarter valued at about $153,217,000. Geode Capital Management LLC boosted its stake in Royal Bank of Canada by 9.3% during the 3rd quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock valued at $805,616,000 after purchasing an additional 541,760 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in Royal Bank of Canada by 18.2% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,336,354 shares of the financial services provider’s stock valued at $291,925,000 after purchasing an additional 359,719 shares during the period. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Down 0.6 %

RY stock opened at $118.92 on Friday. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05. The company has a market capitalization of $168.20 billion, a price-to-earnings ratio of 14.40, a price-to-earnings-growth ratio of 1.80 and a beta of 0.87. The firm’s 50-day moving average is $120.50 and its two-hundred day moving average is $121.20. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be issued a $1.0522 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.03. This represents a $4.21 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Monday, January 27th. Royal Bank of Canada’s payout ratio is presently 49.76%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RY shares. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. BMO Capital Markets dropped their price target on shares of 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. 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. Finally, TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $156.50.

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.