Royal Bank of Canada (NYSE:RY) Shares Sold by Sienna Gestion

Sienna Gestion lowered its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 89.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,627 shares of the financial services provider’s stock after selling 54,597 shares during the period. Sienna Gestion’s holdings in Royal Bank of Canada were worth $705,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in RY. TD Asset Management Inc lifted its position in shares of Royal Bank of Canada by 21.7% during the 4th quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock valued at $3,310,010,000 after acquiring an additional 5,810,077 shares during the last quarter. Capital World Investors acquired a new position in shares of Royal Bank of Canada in the 4th quarter valued at $365,246,000. National Bank of Canada FI increased its stake in Royal Bank of Canada by 16.7% in the 2nd quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock worth $2,141,681,000 after purchasing an additional 2,901,033 shares in the last quarter. Vanguard Group Inc. raised its holdings in 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 worth $5,534,910,000 after buying an additional 1,603,427 shares during the period. Finally, Canada Pension Plan Investment Board lifted its stake in Royal Bank of Canada by 40.5% during the first quarter. Canada Pension Plan Investment Board now owns 5,039,171 shares of the financial services provider’s stock valued at $508,739,000 after buying an additional 1,452,127 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors.

Royal Bank of Canada Trading Down 0.2 %

Shares of NYSE:RY opened at $122.56 on Thursday. The firm has a fifty day moving average of $114.38 and a two-hundred day moving average of $106.78. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. Royal Bank of Canada has a 12-month low of $77.90 and a 12-month high of $124.46. The firm has a market capitalization of $173.43 billion, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 2.01 and a beta of 0.86.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.36%. Royal Bank of Canada’s payout ratio is 52.11%.

Analysts Set New Price Targets

Several research firms have recently weighed in on RY. Argus boosted 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 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 company an “outperform” rating in a research note on Thursday, August 29th. UBS Group initiated coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They issued a “buy” rating for the company. Finally, StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Saturday, July 20th. 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. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $142.50.

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.