Canada Pension Plan Investment Board Sells 375,400 Shares of Royal Bank of Canada (NYSE:RY)

Canada Pension Plan Investment Board reduced its position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 7.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,663,771 shares of the financial services provider’s stock after selling 375,400 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.33% of Royal Bank of Canada worth $496,421,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RY. TD Asset Management Inc raised its holdings in 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 buying an additional 5,810,077 shares during the last quarter. Capital World Investors bought a new stake in Royal Bank of Canada during the 4th quarter valued at $365,246,000. National Bank of Canada FI raised its holdings in Royal Bank of Canada by 16.7% during the 2nd quarter. National Bank of Canada FI now owns 20,232,204 shares of the financial services provider’s stock valued at $2,141,681,000 after buying an additional 2,901,033 shares during the last quarter. Vanguard Group Inc. raised its holdings in Royal Bank of Canada by 3.0% in 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 purchasing an additional 1,603,427 shares in the last quarter. Finally, Bank of Nova Scotia raised its holdings in Royal Bank of Canada by 5.1% in the 4th quarter. Bank of Nova Scotia now owns 28,024,917 shares of the financial services provider’s stock worth $2,834,219,000 after purchasing an additional 1,357,956 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors.

Royal Bank of Canada Stock Up 0.4 %

Shares of Royal Bank of Canada stock opened at $123.05 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The company has a 50-day moving average of $114.64 and a 200 day moving average of $106.89. The firm has a market cap of $174.12 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 2.00 and a beta of 0.86. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $124.46.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be paid a $1.028 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 annualized dividend and a dividend yield of 3.34%. Royal Bank of Canada’s payout ratio is 51.49%.

Wall Street Analyst Weigh In

RY has been the subject of several research reports. UBS Group initiated coverage on shares of Royal Bank of Canada in a report on Tuesday, July 2nd. They issued a “buy” rating for the company. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. Argus upped their price objective 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. Finally, BMO Capital Markets upped 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 report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $142.50.

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.