Ilmarinen Mutual Pension Insurance Co Purchases 34,000 Shares of Royal Bank of Canada (NYSE:RY)

Ilmarinen Mutual Pension Insurance Co lifted its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 40.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 118,249 shares of the financial services provider’s stock after buying an additional 34,000 shares during the period. Ilmarinen Mutual Pension Insurance Co’s holdings in Royal Bank of Canada were worth $14,244,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Financial Management Professionals Inc. increased its position in shares of Royal Bank of Canada by 26.8% during the 4th quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider’s stock worth $51,000 after purchasing an additional 90 shares during the last quarter. Ballentine Partners LLC increased its holdings in Royal Bank of Canada by 2.2% during the fourth quarter. Ballentine Partners LLC now owns 4,308 shares of the financial services provider’s stock worth $519,000 after buying an additional 94 shares during the last quarter. Richardson Financial Services Inc. raised its position in Royal Bank of Canada by 45.7% during the fourth quarter. Richardson Financial Services Inc. now owns 306 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 96 shares in the last quarter. DAVENPORT & Co LLC lifted its stake in Royal Bank of Canada by 0.8% in the fourth quarter. DAVENPORT & Co LLC now owns 12,466 shares of the financial services provider’s stock valued at $1,502,000 after acquiring an additional 101 shares during the last quarter. Finally, CENTRAL TRUST Co lifted its stake in Royal Bank of Canada by 5.3% in the fourth quarter. CENTRAL TRUST Co now owns 2,270 shares of the financial services provider’s stock valued at $274,000 after acquiring an additional 115 shares during the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on RY shares. Cibc World Mkts upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday. CIBC raised Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research report on Friday. Finally, StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Royal Bank of Canada has an average rating of “Buy” and an average price target of $156.50.

Royal Bank of Canada Stock Down 3.5 %

Royal Bank of Canada stock opened at $111.13 on Friday. The company’s 50-day moving average price is $116.60 and its two-hundred day moving average price is $120.71. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The stock has a market cap of $156.88 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.80 and a beta of 0.82. Royal Bank of Canada has a twelve month low of $95.84 and a twelve month high of $128.05.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be paid a dividend of $1.0251 per share. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.69%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 45.96%.

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.