Royal Bank of Canada (NYSE:RY) Stock Position Decreased by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. lowered its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.5% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 112,062 shares of the financial services provider’s stock after selling 514 shares during the period. Royal Bank of Canada accounts for about 3.9% of Lorne Steinberg Wealth Management Inc.’s holdings, making the stock its largest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Royal Bank of Canada were worth $13,498,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. 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 last quarter. 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 last quarter. International Assets Investment Management LLC purchased a new stake in Royal Bank of Canada during the 3rd quarter valued at $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 last quarter. 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 last quarter. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. 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 dropped their price target 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. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Wednesday, January 1st. Finally, TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock opened at $120.89 on Wednesday. Royal Bank of Canada has a one year low of $95.84 and a one year high of $128.05. The stock’s fifty day moving average is $120.82 and its 200 day moving average is $121.03. The stock has a market cap of $170.98 billion, a P/E ratio of 14.64, a P/E/G ratio of 1.78 and a beta of 0.87. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86.

Royal Bank of Canada Increases Dividend

The business 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 a boost from Royal Bank of Canada’s previous quarterly dividend of $1.03. This represents a $4.21 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend is Monday, January 27th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 49.76%.

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.