Truist Financial Corp Sells 754 Shares of Royal Bank of Canada (NYSE:RY)

Truist Financial Corp lowered its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.6% during the fourth quarter, Holdings Channel reports. The firm owned 116,700 shares of the financial services provider’s stock after selling 754 shares during the period. Truist Financial Corp’s holdings in Royal Bank of Canada were worth $14,064,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Addison Advisors LLC grew its position in Royal Bank of Canada by 9.5% in the third quarter. Addison Advisors LLC now owns 945 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 82 shares during the last quarter. Financial Management Professionals Inc. grew its position in Royal Bank of Canada by 26.8% in the fourth quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider’s stock valued at $51,000 after acquiring an additional 90 shares during the last quarter. Drive Wealth Management LLC grew its position in Royal Bank of Canada by 3.4% in the third quarter. Drive Wealth Management LLC now owns 2,799 shares of the financial services provider’s stock valued at $349,000 after acquiring an additional 92 shares during the last quarter. Ballentine Partners LLC grew its position in Royal Bank of Canada by 2.2% in the fourth quarter. Ballentine Partners LLC now owns 4,308 shares of the financial services provider’s stock valued at $519,000 after acquiring an additional 94 shares during the last quarter. Finally, Private Advisor Group LLC grew its position in Royal Bank of Canada by 1.6% in the third quarter. Private Advisor Group LLC now owns 6,160 shares of the financial services provider’s stock valued at $768,000 after acquiring an additional 95 shares during the last quarter. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Performance

NYSE:RY opened at $119.51 on Friday. The stock has a market cap of $169.03 billion, a P/E ratio of 14.47, a price-to-earnings-growth ratio of 1.81 and a beta of 0.87. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average is $120.61 and its 200-day moving average is $121.01. Royal Bank of Canada has a 1-year low of $95.84 and a 1-year high of $128.05.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be paid a $1.0522 dividend. This is a positive change 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 3.52%. The ex-dividend date of this dividend is Monday, January 27th. Royal Bank of Canada’s payout ratio is currently 49.76%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RY. StockNews.com cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. BMO Capital Markets decreased their target price 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. Finally, Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.