Bank of New York Mellon Corp Boosts Position in Royal Bank of Canada (NYSE:RY)

Bank of New York Mellon Corp grew its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 6.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,285,856 shares of the financial services provider’s stock after buying an additional 72,804 shares during the period. Bank of New York Mellon Corp owned 0.09% of Royal Bank of Canada worth $154,958,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. IFP Advisors Inc increased its stake in shares of Royal Bank of Canada by 8.1% during the fourth quarter. IFP Advisors Inc now owns 2,246 shares of the financial services provider’s stock valued at $271,000 after buying an additional 169 shares during the period. Summerhill Capital Management lnc. boosted its position in shares of Royal Bank of Canada by 2.8% during the fourth quarter. Summerhill Capital Management lnc. now owns 57,822 shares of the financial services provider’s stock valued at $6,965,000 after purchasing an additional 1,561 shares in the last quarter. Allianz Asset Management GmbH boosted its position in shares of Royal Bank of Canada by 18.3% during the fourth quarter. Allianz Asset Management GmbH now owns 275,723 shares of the financial services provider’s stock valued at $33,228,000 after purchasing an additional 42,706 shares in the last quarter. Tandem Investment Advisors Inc. boosted its position in shares of Royal Bank of Canada by 2.2% during the fourth quarter. Tandem Investment Advisors Inc. now owns 7,051 shares of the financial services provider’s stock valued at $850,000 after purchasing an additional 151 shares in the last quarter. Finally, Sunpointe LLC boosted its position in shares of Royal Bank of Canada by 9.3% during the fourth quarter. Sunpointe LLC now owns 1,936 shares of the financial services provider’s stock valued at $233,000 after purchasing an additional 164 shares in the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Trading Up 2.6 %

Royal Bank of Canada stock opened at $118.17 on Friday. 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 business’s fifty day simple moving average is $120.14 and its two-hundred day simple moving average is $121.45. Royal Bank of Canada has a 12 month low of $95.84 and a 12 month high of $128.05. The company has a market capitalization of $167.13 billion, a price-to-earnings ratio of 14.31, a price-to-earnings-growth ratio of 1.80 and a beta of 0.87.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be issued a $1.0251 dividend. This represents a $4.10 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is 49.76%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on RY shares. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report 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 report on Thursday, December 5th. TD Securities lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $156.50.

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.