Royal Bank of Canada (NYSE:RY) Shares Acquired by Kovitz Investment Group Partners LLC

Kovitz Investment Group Partners LLC raised its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 10.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,776 shares of the financial services provider’s stock after acquiring an additional 800 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Royal Bank of Canada were worth $1,082,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Cetera Advisors LLC grew its position in shares of Royal Bank of Canada by 125.1% in the 1st quarter. Cetera Advisors LLC now owns 4,558 shares of the financial services provider’s stock worth $460,000 after acquiring an additional 2,533 shares in the last quarter. CWM LLC raised its holdings in shares of Royal Bank of Canada by 47.7% during the second quarter. CWM LLC now owns 3,677 shares of the financial services provider’s stock valued at $391,000 after buying an additional 1,187 shares during the last quarter. SG Americas Securities LLC bought a new stake in Royal Bank of Canada during the 2nd quarter valued at $198,000. Dynamic Advisor Solutions LLC boosted its position in Royal Bank of Canada by 8.7% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 6,494 shares of the financial services provider’s stock worth $691,000 after acquiring an additional 518 shares during the period. Finally, Envestnet Portfolio Solutions Inc. grew its stake in shares of Royal Bank of Canada by 12.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,067 shares of the financial services provider’s stock worth $326,000 after purchasing an additional 338 shares in the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Price Performance

NYSE RY opened at $126.06 on Thursday. The stock has a market capitalization of $178.21 billion, a PE ratio of 15.33, a price-to-earnings-growth ratio of 1.89 and a beta of 0.86. The company has a 50 day moving average price of $123.88 and a two-hundred day moving average price of $116.47. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 12-month low of $91.78 and a 12-month high of $128.05.

Royal Bank of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be issued a dividend of $1.0522 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. This represents a $4.21 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend is Monday, January 27th. Royal Bank of Canada’s dividend payout ratio (DPR) is 52.91%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RY. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. TD Securities lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, BMO Capital Markets dropped their price target on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

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.