Cumberland Partners Ltd Sells 8,675 Shares of Royal Bank of Canada (NYSE:RY)

Cumberland Partners Ltd lessened its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 357,428 shares of the financial services provider’s stock after selling 8,675 shares during the quarter. Royal Bank of Canada comprises about 3.1% of Cumberland Partners Ltd’s portfolio, making the stock its 9th largest holding. Cumberland Partners Ltd’s holdings in Royal Bank of Canada were worth $36,147,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Royal Bank of Canada by 3.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 480,825 shares of the financial services provider’s stock valued at $48,863,000 after buying an additional 15,041 shares in the last quarter. Triasima Portfolio Management inc. grew its holdings in Royal Bank of Canada by 5.5% in the 4th quarter. Triasima Portfolio Management inc. now owns 984,891 shares of the financial services provider’s stock valued at $99,785,000 after buying an additional 50,995 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Royal Bank of Canada by 163.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 160,595 shares of the financial services provider’s stock valued at $16,271,000 after buying an additional 99,523 shares in the last quarter. Addenda Capital Inc. grew its holdings in Royal Bank of Canada by 2.1% in the 4th quarter. Addenda Capital Inc. now owns 836,019 shares of the financial services provider’s stock valued at $84,547,000 after buying an additional 16,964 shares in the last quarter. Finally, Galibier Capital Management Ltd. grew its holdings in Royal Bank of Canada by 8,119.3% in the 4th quarter. Galibier Capital Management Ltd. now owns 321,376 shares of the financial services provider’s stock valued at $32,659,000 after buying an additional 317,466 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Royal Bank of Canada in a research note on Thursday, February 22nd. They set a “hold” rating for the company. Barclays initiated coverage on shares of Royal Bank of Canada in a research note on Wednesday, March 20th. They set an “equal weight” rating for the company. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Tuesday, February 6th. Finally, BMO Capital Markets upgraded shares of Royal Bank of Canada from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $140.00 to $150.00 in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $137.67.

Royal Bank of Canada Stock Up 0.6 %

Shares of RY traded up $0.63 during trading hours on Tuesday, reaching $99.83. 1,953,905 shares of the stock traded hands, compared to its average volume of 1,216,801. The company has a market cap of $141.23 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.69 and a beta of 0.86. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 52 week low of $77.90 and a 52 week high of $103.88. The stock has a fifty day simple moving average of $99.10 and a 200 day simple moving average of $94.60.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings data on Wednesday, February 28th. The financial services provider reported $2.11 EPS for the quarter, topping the consensus estimate of $2.06 by $0.05. The business had revenue of $9.98 billion for the quarter, compared to analyst estimates of $10.10 billion. Royal Bank of Canada had a net margin of 12.43% and a return on equity of 14.74%. On average, equities analysts forecast that Royal Bank of Canada will post 8.45 EPS for the current year.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Stockholders of record on Thursday, April 25th will be paid a $1.0207 dividend. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend is Wednesday, April 24th. This represents a $4.08 annualized dividend and a dividend yield of 4.09%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 37.66%.

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.