Zurich Insurance Group Ltd FI Invests $2.90 Million in Royal Bank of Canada (NYSE:RY)

Zurich Insurance Group Ltd FI bought a new stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 24,100 shares of the financial services provider’s stock, valued at approximately $2,903,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its stake in Royal Bank of Canada by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider’s stock worth $427,589,000 after purchasing an additional 64,450 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Royal Bank of Canada during the 4th quarter worth about $60,034,000. Wealth High Governance Capital Ltda acquired a new position in Royal Bank of Canada during the 4th quarter worth about $10,243,000. Jones Financial Companies Lllp boosted its holdings in Royal Bank of Canada by 1,322.0% during the 4th quarter. Jones Financial Companies Lllp now owns 4,010 shares of the financial services provider’s stock valued at $483,000 after acquiring an additional 3,728 shares during the period. Finally, APG Asset Management N.V. grew its position in Royal Bank of Canada by 1,600.9% in 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 acquiring an additional 1,343,174 shares in the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Stock Performance

Shares of RY opened at $126.44 on Wednesday. Royal Bank of Canada has a 1 year low of $102.44 and a 1 year high of $128.05. The stock has a market capitalization of $178.84 billion, a PE ratio of 15.31, a PEG ratio of 1.80 and a beta of 0.89. 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 50-day simple moving average of $116.66 and a 200-day simple moving average of $119.42.

Royal Bank of Canada Cuts Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a yield of 3.24%. Royal Bank of Canada’s dividend payout ratio is currently 46.18%.

Analyst Ratings Changes

Several analysts have recently issued reports on RY shares. CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research report on Friday, April 4th. StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, May 9th. Cibc World Mkts raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. Finally, Scotiabank began coverage on shares of Royal Bank of Canada in a research note on Thursday, May 15th. They issued a “sector outperform” rating for the company. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Royal Bank of Canada presently has an average rating of “Moderate Buy” and an average target price of $156.50.

Royal Bank of Canada 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.