Royal Bank of Canada (NYSE:RY) Shares Sold by Cutler Investment Counsel LLC

Cutler Investment Counsel LLC trimmed its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 17.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,346 shares of the financial services provider’s stock after selling 491 shares during the quarter. Cutler Investment Counsel LLC’s holdings in Royal Bank of Canada were worth $293,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the company. Natixis Advisors LLC grew its holdings in shares of Royal Bank of Canada by 3.9% in the 3rd quarter. Natixis Advisors LLC now owns 122,223 shares of the financial services provider’s stock worth $15,245,000 after acquiring an additional 4,615 shares during the last quarter. Coastline Trust Co bought a new stake in Royal Bank of Canada during the 3rd quarter valued at approximately $41,000. CIBC Asset Management Inc increased its holdings in shares of Royal Bank of Canada by 0.9% during the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock worth $1,706,833,000 after purchasing an additional 124,348 shares during the period. OneDigital Investment Advisors LLC lifted its position in Royal Bank of Canada by 4.8% in the third quarter. OneDigital Investment Advisors LLC now owns 2,508 shares of the financial services provider’s stock worth $313,000 after purchasing an additional 115 shares during the period. Finally, Plato Investment Management Ltd acquired a new stake in Royal Bank of Canada during the third quarter valued at approximately $3,106,000. 45.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RY. BMO Capital Markets boosted their target price on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday. Finally, StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock traded down $0.92 during trading on Friday, reaching $121.47. 1,969,208 shares of the company’s stock were exchanged, compared to its average volume of 1,096,290. The firm’s 50-day moving average price is $123.37 and its 200 day moving average price is $113.72. The company has a market cap of $171.72 billion, a P/E ratio of 14.69, a PEG ratio of 1.89 and a beta of 0.86. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.87 and a current ratio of 0.87. Royal Bank of Canada has a 1-year low of $85.02 and a 1-year high of $126.96.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.23. The company had revenue of $10.68 billion for the quarter, compared to the consensus estimate of $10.40 billion. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. As a group, research analysts anticipate that Royal Bank of Canada will post 8.88 earnings per share for the current year.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.39%. Royal Bank of Canada’s dividend payout ratio is currently 50.79%.

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.