Moors & Cabot Inc. Sells 2,097 Shares of Royal Bank of Canada (NYSE:RY)

Moors & Cabot Inc. decreased its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 17.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,691 shares of the financial services provider’s stock after selling 2,097 shares during the quarter. Moors & Cabot Inc.’s holdings in Royal Bank of Canada were worth $1,031,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of RY. Ridgewood Investments LLC bought a new position in Royal Bank of Canada in the second quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC bought a new position in Royal Bank of Canada in the second quarter valued at approximately $33,000. Mather Group LLC. bought a new position in Royal Bank of Canada in the first quarter valued at approximately $49,000. Nisa Investment Advisors LLC lifted its stake in Royal Bank of Canada by 293.8% in the second quarter. Nisa Investment Advisors LLC now owns 508 shares of the financial services provider’s stock valued at $54,000 after buying an additional 379 shares in the last quarter. Finally, Heritage Wealth Advisors bought a new position in Royal Bank of Canada in the fourth quarter valued at approximately $61,000. Institutional investors own 45.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Argus boosted their target price on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. BMO Capital Markets boosted their target price on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. Finally, UBS Group assumed coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They set a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Price Performance

NYSE:RY opened at $122.56 on Thursday. Royal Bank of Canada has a one year low of $77.90 and a one year high of $124.46. The company has a market cap of $173.43 billion, a P/E ratio of 15.21, a P/E/G ratio of 2.01 and a beta of 0.86. The firm’s fifty day moving average price is $114.38 and its two-hundred day moving average price is $106.78. 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 disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be issued a $1.028 dividend. The ex-dividend date is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.36%. Royal Bank of Canada’s dividend payout ratio is currently 52.11%.

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.