Royal Bank of Canada (NYSE:RY) Shares Sold by Burgundy Asset Management Ltd.

Burgundy Asset Management Ltd. lessened its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 651,784 shares of the financial services provider’s stock after selling 21,280 shares during the quarter. Burgundy Asset Management Ltd.’s holdings in Royal Bank of Canada were worth $69,359,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RY. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Royal Bank of Canada in the 4th quarter worth $301,000. Avantax Advisory Services Inc. raised its stake in Royal Bank of Canada by 23.3% during the fourth quarter. Avantax Advisory Services Inc. now owns 5,101 shares of the financial services provider’s stock worth $516,000 after purchasing an additional 964 shares during the period. PNC Financial Services Group Inc. boosted its holdings in Royal Bank of Canada by 5.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 80,677 shares of the financial services provider’s stock valued at $8,159,000 after purchasing an additional 4,476 shares during the last quarter. UBS Group AG boosted its holdings in Royal Bank of Canada by 26.7% in the 4th quarter. UBS Group AG now owns 469,632 shares of the financial services provider’s stock valued at $47,494,000 after purchasing an additional 98,983 shares during the last quarter. Finally, Corient Private Wealth LLC grew its stake in shares of Royal Bank of Canada by 16.8% in the 4th quarter. Corient Private Wealth LLC now owns 35,993 shares of the financial services provider’s stock valued at $3,640,000 after buying an additional 5,164 shares during the period. Institutional investors and hedge funds own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

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

Royal Bank of Canada Trading Down 0.2 %

Shares of NYSE RY opened at $122.56 on Thursday. The stock has a fifty day simple moving average of $114.38 and a 200-day simple moving average of $106.78. Royal Bank of Canada has a twelve month low of $77.90 and a twelve month high of $124.46. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $173.43 billion, a PE ratio of 15.21, a PEG ratio of 2.01 and a beta of 0.86.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 52.11%.

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.