Verum Partners LLC Invests $2.35 Million in Royal Bank of Canada (NYSE:RY)

Verum Partners LLC bought a new stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 19,525 shares of the financial services provider’s stock, valued at approximately $2,353,000.

Other hedge funds also recently bought and sold shares of the company. FMR LLC grew its holdings in shares of Royal Bank of Canada by 75.8% in the 3rd quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock valued at $2,229,834,000 after buying an additional 7,702,585 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Royal Bank of Canada by 165.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider’s stock worth $361,532,000 after purchasing an additional 1,804,022 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Royal Bank of Canada in the third quarter valued at approximately $153,217,000. Geode Capital Management LLC boosted its position in shares of Royal Bank of Canada by 9.3% during the 3rd quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock worth $805,616,000 after acquiring an additional 541,760 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake in Royal Bank of Canada by 18.2% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,336,354 shares of the financial services provider’s stock worth $291,925,000 after acquiring an additional 359,719 shares in the last quarter. 45.31% of the stock is currently owned by institutional investors.

Royal Bank of Canada Trading Up 1.5 %

Royal Bank of Canada stock opened at $122.32 on Wednesday. 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 50-day simple moving average of $122.52 and a two-hundred day simple moving average of $119.55. The company has a market cap of $173.00 billion, a P/E ratio of 14.81, a P/E/G ratio of 1.80 and a beta of 0.87. 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 firm also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, January 27th will be paid a dividend of $1.0522 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.03. The ex-dividend date is Monday, January 27th. This represents a $4.21 dividend on an annualized basis and a dividend yield of 3.44%. Royal Bank of Canada’s dividend payout ratio is currently 50.85%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on RY. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Wednesday, January 1st. TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Barclays raised Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. Finally, BMO Capital Markets cut their price target on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price 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.