Assenagon Asset Management S.A. Lowers Position in Royal Bank of Canada (NYSE:RY)

Assenagon Asset Management S.A. cut its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 44,126 shares of the financial services provider’s stock after selling 1,607 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Royal Bank of Canada were worth $5,318,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Capital Performance Advisors LLP purchased a new position in Royal Bank of Canada in the third quarter worth $25,000. Dunhill Financial LLC purchased a new position in Royal Bank of Canada in the third quarter worth $25,000. Larson Financial Group LLC purchased a new position in Royal Bank of Canada in the third quarter worth $26,000. Whittier Trust Co. of Nevada Inc. grew its holdings in Royal Bank of Canada by 110.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 118 shares during the last quarter. Finally, Grove Bank & Trust purchased a new position in Royal Bank of Canada in the third quarter worth $28,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RY has been the subject of several research reports. TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. Finally, BMO Capital Markets cut their target price on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Royal Bank of Canada presently has an average rating of “Moderate Buy” and a consensus price target of $156.50.

Royal Bank of Canada Stock Up 0.3 %

RY stock opened at $120.46 on Tuesday. Royal Bank of Canada has a 52 week low of $93.97 and a 52 week high of $128.05. The company has a market cap of $170.29 billion, a P/E ratio of 14.58, a P/E/G ratio of 1.77 and a beta of 0.87. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. The company’s 50-day moving average price is $122.59 and its 200 day moving average price is $119.47.

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be given a dividend of $1.0522 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. The ex-dividend date is Monday, January 27th. This represents a $4.21 annualized dividend and a yield of 3.49%. Royal Bank of Canada’s dividend payout ratio is 50.85%.

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.