Man Group plc Buys 8,646 Shares of Royal Bank of Canada (NYSE:RY)

Man Group plc increased its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 29.4% during the fourth quarter, HoldingsChannel reports. The firm owned 38,076 shares of the financial services provider’s stock after acquiring an additional 8,646 shares during the period. Man Group plc’s holdings in Royal Bank of Canada were worth $4,589,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Royal Bank of Canada by 1.9% in the 4th 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 during the period. Raymond James Financial Inc. bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth approximately $60,034,000. Wealth High Governance Capital Ltda bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth approximately $10,243,000. Jones Financial Companies Lllp raised 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. raised its holdings 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 acquiring an additional 1,343,174 shares during the period. Institutional investors own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on RY. Cibc World Mkts upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. CIBC upgraded Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a research report on Friday, April 4th. Scotiabank began coverage on Royal Bank of Canada in a research report on Thursday, May 15th. They set a “sector outperform” rating on the stock. Finally, StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, May 9th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from 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 Trading Down 0.5%

Shares of RY stock opened at $125.88 on Thursday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. Royal Bank of Canada has a 52-week low of $102.44 and a 52-week high of $128.05. The company has a market capitalization of $178.04 billion, a PE ratio of 15.24, a price-to-earnings-growth ratio of 1.80 and a beta of 0.89. The business’s fifty day moving average is $116.95 and its 200 day moving average is $119.46.

Royal Bank of Canada Cuts Dividend

The company 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. 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 3.26%. Royal Bank of Canada’s dividend payout ratio is presently 46.18%.

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.