Royal Bank of Canada (NYSE:RY) Shares Sold by TD Asset Management Inc

TD Asset Management Inc decreased its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,155,772 shares of the financial services provider’s stock after selling 327,419 shares during the period. Royal Bank of Canada comprises 3.2% of TD Asset Management Inc’s holdings, making the stock its 5th largest holding. TD Asset Management Inc owned approximately 2.27% of Royal Bank of Canada worth $3,422,727,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Canoe Financial LP raised its stake in Royal Bank of Canada by 11,061.2% during the fourth quarter. Canoe Financial LP now owns 151,142,403 shares of the financial services provider’s stock worth $15,285,031,000 after acquiring an additional 149,788,224 shares in the last quarter. Norges Bank bought a new stake in shares of Royal Bank of Canada during the fourth quarter worth $1,898,970,000. Capital World Investors acquired a new position in shares of Royal Bank of Canada during the fourth quarter worth $365,246,000. Clearbridge Investments LLC bought a new position in shares of Royal Bank of Canada in the 4th quarter valued at $181,141,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Royal Bank of Canada by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 54,730,646 shares of the financial services provider’s stock valued at $5,534,910,000 after acquiring an additional 1,603,427 shares in the last quarter. 45.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Scotiabank upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 17th. Argus raised their price objective on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a report on Thursday, June 6th. UBS Group started coverage on shares of Royal Bank of Canada in a research report on Tuesday, July 2nd. They set a “buy” rating on the stock. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Finally, BMO Capital Markets boosted their price objective 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. One analyst has rated the stock with a sell rating, one has issued 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 has a consensus rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at $122.10 on Thursday. The business’s 50 day simple moving average is $111.49 and its 200 day simple moving average is $105.02. Royal Bank of Canada has a one year low of $77.90 and a one year high of $122.28. The stock has a market capitalization of $172.78 billion, a PE ratio of 15.15, a PEG ratio of 1.98 and a beta of 0.86. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be issued a $1.028 dividend. This represents a $4.11 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Thursday, October 24th. Royal Bank of Canada’s payout ratio is presently 51.49%.

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.