Royal Bank of Canada (NYSE:RY) is Scheer Rowlett & Associates Investment Management Ltd.’s Largest Position

Scheer Rowlett & Associates Investment Management Ltd. boosted its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,242,836 shares of the financial services provider’s stock after acquiring an additional 13,781 shares during the quarter. Royal Bank of Canada accounts for 10.9% of Scheer Rowlett & Associates Investment Management Ltd.’s portfolio, making the stock its biggest holding. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Royal Bank of Canada were worth $149,662,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in Royal Bank of Canada in the third quarter worth approximately $25,000. Dunhill Financial LLC purchased a new stake in shares of Royal Bank of Canada in the 3rd quarter worth $25,000. Larson Financial Group LLC purchased a new stake in shares of Royal Bank of Canada in the 3rd quarter worth $26,000. Roxbury Financial LLC bought a new position in Royal Bank of Canada in the 4th quarter worth $29,000. Finally, Kieckhefer Group LLC purchased a new position in Royal Bank of Canada during the fourth quarter valued at $36,000. Institutional investors own 45.31% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on RY. BMO Capital Markets reduced their price target on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $156.50.

Royal Bank of Canada Stock Performance

NYSE:RY opened at $115.07 on Friday. The stock has a 50-day moving average price of $119.55 and a 200 day moving average price of $121.59. The stock has a market capitalization of $162.74 billion, a P/E ratio of 13.93, a P/E/G ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a 12-month low of $95.84 and a 12-month high of $128.05. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be issued a dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a yield of 3.56%. The ex-dividend date of this dividend is Thursday, April 24th. 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.