Synovus Financial Corp Takes $254,000 Position in Royal Bank of Canada (NYSE:RY)

Synovus Financial Corp bought a new position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,034 shares of the financial services provider’s stock, valued at approximately $254,000.

Several other institutional investors also recently bought and sold shares of RY. Capital Performance Advisors LLP purchased a new stake in Royal Bank of Canada in the 3rd quarter worth $25,000. Dunhill Financial LLC purchased a new stake in shares of Royal Bank of Canada in the third quarter worth about $25,000. Larson Financial Group LLC bought a new position in Royal Bank of Canada during the third quarter valued at approximately $26,000. Whittier Trust Co. of Nevada Inc. grew its holdings in Royal Bank of Canada by 110.3% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock valued at $28,000 after buying an additional 118 shares in the last quarter. Finally, Grove Bank & Trust bought a new stake in Royal Bank of Canada in the 3rd quarter worth approximately $28,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank of Canada Stock Down 3.1 %

Shares of RY opened at $119.84 on Thursday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The business has a fifty day moving average of $124.10 and a 200 day moving average of $117.14. The company has a market cap of $169.41 billion, a PE ratio of 14.51, a P/E/G ratio of 1.86 and a beta of 0.86. Royal Bank of Canada has a 52-week low of $93.97 and a 52-week high of $128.05.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, January 27th will be issued a $1.0522 dividend. This represents a $4.21 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend is Monday, January 27th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. Royal Bank of Canada’s dividend payout ratio (DPR) is 52.91%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. BMO Capital Markets dropped their price objective 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. Finally, 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Royal Bank of Canada has an average 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.