Letko Brosseau & Associates Inc. Has $216.77 Million Position in Royal Bank of Canada (NYSE:RY)

Letko Brosseau & Associates Inc. reduced its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 2.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,798,760 shares of the financial services provider’s stock after selling 38,582 shares during the period. Royal Bank of Canada accounts for approximately 4.2% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 3rd biggest holding. Letko Brosseau & Associates Inc. owned 0.13% of Royal Bank of Canada worth $216,772,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new stake in Royal Bank of Canada during the 4th quarter valued at approximately $2,425,519,000. Geode Capital Management LLC increased its position in Royal Bank of Canada by 31.2% during the fourth quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider’s stock worth $1,027,061,000 after acquiring an additional 1,991,364 shares during the period. APG Asset Management N.V. raised its stake in Royal Bank of Canada by 1,600.9% during the 4th quarter. APG Asset Management N.V. now owns 1,427,075 shares of the financial services provider’s stock valued at $166,084,000 after purchasing an additional 1,343,174 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Royal Bank of Canada by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider’s stock valued at $7,136,056,000 after purchasing an additional 1,104,975 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in Royal Bank of Canada by 9.0% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider’s stock worth $1,338,156,000 after purchasing an additional 921,276 shares during the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Analyst Ratings Changes

RY has been the topic of several analyst reports. CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Friday, April 4th. StockNews.com upgraded shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday. Finally, Cibc World Mkts raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 3rd. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $156.50.

Royal Bank of Canada Price Performance

NYSE RY opened at $120.09 on Monday. 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 stock has a market cap of $169.53 billion, a price-to-earnings ratio of 14.54, a PEG ratio of 1.80 and a beta of 0.89. The business has a 50 day simple moving average of $115.04 and a 200 day simple moving average of $119.33. Royal Bank of Canada has a 52-week low of $102.44 and a 52-week high of $128.05.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be paid a $1.0251 dividend. This represents a $4.10 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s payout ratio is presently 46.18%.

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.