Bank of New York Mellon Corp Acquires 72,804 Shares of Royal Bank of Canada (NYSE:RY)

Bank of New York Mellon Corp increased its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 6.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,285,856 shares of the financial services provider’s stock after purchasing an additional 72,804 shares during the quarter. Bank of New York Mellon Corp’s holdings in Royal Bank of Canada were worth $154,958,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of RY. PNC Financial Services Group Inc. increased its position in Royal Bank of Canada by 6.3% during the third quarter. PNC Financial Services Group Inc. now owns 84,045 shares of the financial services provider’s stock valued at $10,483,000 after acquiring an additional 4,980 shares during the last quarter. CIBC Asset Management Inc increased its position in Royal Bank of Canada by 0.9% during the third quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock valued at $1,706,833,000 after acquiring an additional 124,348 shares during the last quarter. Algert Global LLC purchased a new stake in Royal Bank of Canada during the third quarter valued at $706,000. Bridgewater Associates LP increased its position in Royal Bank of Canada by 150.7% during the third quarter. Bridgewater Associates LP now owns 74,025 shares of the financial services provider’s stock valued at $9,249,000 after acquiring an additional 44,494 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Royal Bank of Canada by 9.3% during the third quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock valued at $805,616,000 after acquiring an additional 541,760 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank of Canada Stock Performance

Shares of RY opened at $118.17 on Friday. 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 business has a 50-day simple moving average of $120.14 and a two-hundred day simple moving average of $121.45. The stock has a market cap of $167.13 billion, a price-to-earnings ratio of 14.31, a PEG ratio of 1.80 and a beta of 0.87. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05.

Royal Bank of Canada Cuts Dividend

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

Analyst Ratings Changes

RY has been the subject of a number of research reports. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday. 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. Finally, Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada has an average rating of “Moderate Buy” and a consensus target price of $156.50.

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.