Nexus Investment Management ULC Decreases Stock Holdings in Royal Bank of Canada (NYSE:RY)
Nexus Investment Management ULC decreased its position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 4.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 448,759 shares of the financial services provider's stock after selling 22,511 shares during the quarter. Royal Bank of Canada makes up approximately 5.4% of Nexus Investment Management ULC's portfolio, making the stock its biggest position. Nexus Investment Management ULC's holdings in Royal Bank of Canada were worth $53,986,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital Performance Advisors LLP bought a new stake in shares of Royal Bank of Canada in the third quarter worth $25,000. Dunhill Financial LLC acquired a new stake in shares of Royal Bank of Canada in the third quarter valued at about $25,000. Larson Financial Group LLC bought a new position in shares of Royal Bank of Canada during the third quarter worth about $26,000. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Royal Bank of Canada by 110.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider's stock worth $28,000 after acquiring an additional 118 shares during the period. Finally, Grove Bank & Trust acquired a new stake in Royal Bank of Canada during the 3rd quarter valued at approximately $28,000. Institutional investors own 45.31% of the company's stock.
A number of research firms have recently commented on RY. BMO Capital Markets reduced their price objective on shares of Royal Bank of Canada from $195.00 to $193.00 and set an "outperform" rating on the stock in a research note on Thursday, December 5th. StockNews.com lowered Royal Bank of Canada from a "hold" rating to a "sell" rating in a research note on Wednesday, January 1st. Barclays upgraded Royal Bank of Canada from an "equal weight" rating to an "overweight" rating in a report on Thursday, November 21st. Finally, TD Securities downgraded shares of Royal Bank of Canada from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $156.50.
View Our Latest Research Report on RY
Shares of NYSE RY traded up $0.38 during midday trading on Friday, hitting $120.46. 1,588,793 shares of the stock traded hands, compared to its average volume of 675,270. The business has a 50 day moving average price of $122.59 and a two-hundred day moving average price of $119.40. Royal Bank of Canada has a one year low of $93.97 and a one year high of $128.05. 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 company has a market cap of $170.29 billion, a PE ratio of 14.58, a P/E/G ratio of 1.77 and a beta of 0.87.
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 given a dividend of $1.0522 per share. The ex-dividend date is Monday, January 27th. This is an increase from Royal Bank of Canada's previous quarterly dividend of $1.03. This represents a $4.21 annualized dividend and a dividend yield of 3.49%. Royal Bank of Canada's payout ratio is presently 50.85%.
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.
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