Zurich Insurance Group Ltd FI Purchases New Holdings in Royal Bank of Canada (NYSE:RY)

Zurich Insurance Group Ltd FI acquired a new position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 24,100 shares of the financial services provider’s stock, valued at approximately $2,903,000.

Several other large investors also recently bought and sold shares of the company. WealthTrak Capital Management LLC purchased a new stake in shares of Royal Bank of Canada during the fourth quarter worth approximately $28,000. Roxbury Financial LLC acquired a new stake in shares of Royal Bank of Canada in the fourth quarter valued at about $29,000. Optiver Holding B.V. purchased a new position in shares of Royal Bank of Canada in the fourth quarter worth about $35,000. Crews Bank & Trust acquired a new position in Royal Bank of Canada during the fourth quarter worth about $36,000. Finally, Jackson Grant Investment Advisers Inc. purchased a new stake in Royal Bank of Canada during the 4th quarter valued at about $36,000. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank of Canada Trading Down 0.6%

Shares of Royal Bank of Canada stock opened at $126.44 on Wednesday. The stock has a 50 day moving average of $116.66 and a 200 day moving average of $119.42. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The firm has a market capitalization of $178.84 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 1.80 and a beta of 0.89. Royal Bank of Canada has a fifty-two week low of $102.44 and a fifty-two week high of $128.05.

Royal Bank of Canada Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be issued a dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio is presently 46.18%.

Wall Street Analyst Weigh In

RY has been the subject of a number of analyst reports. Cibc World Mkts upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. CIBC upgraded Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Friday, April 4th. Scotiabank started coverage on Royal Bank of Canada in a report on Thursday, May 15th. They set a “sector outperform” rating on the stock. Finally, StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

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.