Royal Bank of Canada (NYSE:RY) Sees Large Decrease in Short Interest

Royal Bank of Canada (NYSE:RY) (TSE:RY) was the target of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 11,310,000 shares, a decrease of 17.1% from the August 15th total of 13,640,000 shares. Based on an average trading volume of 1,010,000 shares, the short-interest ratio is currently 11.2 days. Currently, 0.8% of the shares of the company are short sold.

Royal Bank of Canada Trading Down 0.2 %

Shares of Royal Bank of Canada stock opened at $123.33 on Tuesday. The firm’s 50-day moving average price is $113.88 and its two-hundred day moving average price is $106.49. The company has a market capitalization of $174.52 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 2.01 and a beta of 0.86. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. Royal Bank of Canada has a 12-month low of $77.90 and a 12-month high of $124.46.

Royal Bank of Canada Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. The ex-dividend date is Thursday, October 24th. This represents a $4.11 annualized dividend and a yield of 3.33%. Royal Bank of Canada’s dividend payout ratio is currently 51.49%.

Institutional Trading of Royal Bank of Canada

Several institutional investors and hedge funds have recently modified their holdings of RY. Orion Portfolio Solutions LLC increased its position in Royal Bank of Canada by 47.4% during the 1st quarter. Orion Portfolio Solutions LLC now owns 16,494 shares of the financial services provider’s stock worth $1,664,000 after purchasing an additional 5,302 shares in the last quarter. Barometer Capital Management Inc. acquired a new stake in shares of Royal Bank of Canada during the 4th quarter valued at $1,984,000. UniSuper Management Pty Ltd boosted its stake in shares of Royal Bank of Canada by 91.3% during the first quarter. UniSuper Management Pty Ltd now owns 19,900 shares of the financial services provider’s stock valued at $2,008,000 after purchasing an additional 9,500 shares in the last quarter. Allianz Asset Management GmbH increased its position in Royal Bank of Canada by 90.3% in the 4th quarter. Allianz Asset Management GmbH now owns 224,472 shares of the financial services provider’s stock valued at $22,811,000 after acquiring an additional 106,531 shares during the period. Finally, Burgundy Asset Management Ltd. raised its position in Royal Bank of Canada by 20.5% during the 4th quarter. Burgundy Asset Management Ltd. now owns 682,751 shares of the financial services provider’s stock worth $69,174,000 after purchasing an additional 116,253 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RY has been the topic of several research reports. UBS Group initiated coverage on Royal Bank of Canada in a research report on Tuesday, July 2nd. They issued a “buy” rating on the stock. Argus lifted their target price on Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. BMO Capital Markets upped their price target on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Finally, StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $142.50.

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.