The Manufacturers Life Insurance Company Decreases Stock Holdings in Royal Bank of Canada (NYSE:RY)

The Manufacturers Life Insurance Company decreased its position in Royal Bank of Canada (NYSE:RYGet Rating) (TSE:RY) by 1.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,813,443 shares of the financial services provider’s stock after selling 104,690 shares during the quarter. Royal Bank of Canada makes up 0.8% of The Manufacturers Life Insurance Company’s investment portfolio, making the stock its 18th largest position. The Manufacturers Life Insurance Company owned 0.63% of Royal Bank of Canada worth $971,922,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of RY. International Assets Investment Management LLC increased its position in shares of Royal Bank of Canada by 66.2% in the fourth quarter. International Assets Investment Management LLC now owns 17,270 shares of the financial services provider’s stock valued at $142,000 after acquiring an additional 6,879 shares during the period. Private Advisor Group LLC purchased a new position in shares of Royal Bank of Canada during the fourth quarter valued at about $407,000. Csenge Advisory Group increased its position in shares of Royal Bank of Canada by 20.3% during the fourth quarter. Csenge Advisory Group now owns 2,601 shares of the financial services provider’s stock valued at $266,000 after buying an additional 439 shares during the period. Allianz Asset Management GmbH increased its position in shares of Royal Bank of Canada by 32.1% during the fourth quarter. Allianz Asset Management GmbH now owns 174,099 shares of the financial services provider’s stock valued at $18,503,000 after buying an additional 42,313 shares during the period. Finally, MAI Capital Management purchased a new position in shares of Royal Bank of Canada during the fourth quarter valued at about $207,000. Hedge funds and other institutional investors own 40.46% of the company’s stock.

Royal Bank of Canada Trading Down 3.0 %

Shares of NYSE RY opened at $96.38 on Wednesday. The firm’s 50 day moving average price is $96.58 and its 200-day moving average price is $101.59. The company has a market cap of $134.24 billion, a PE ratio of 11.12, a P/E/G ratio of 2.53 and a beta of 0.87. Royal Bank of Canada has a 52-week low of $90.75 and a 52-week high of $119.41. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.89 and a current ratio of 0.89.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 24th. Stockholders of record on Wednesday, October 26th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend is Tuesday, October 25th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.00. Royal Bank of Canada’s dividend payout ratio is currently 45.91%.

Wall Street Analyst Weigh In

RY has been the topic of several research analyst reports. Scotiabank reduced their price target on shares of Royal Bank of Canada from C$147.00 to C$144.00 in a research report on Thursday, August 18th. Desjardins reduced their price target on shares of Royal Bank of Canada from C$143.00 to C$141.00 in a research report on Thursday, August 25th. BMO Capital Markets reduced their price target on shares of Royal Bank of Canada from C$142.00 to C$140.00 in a research report on Friday, May 27th. National Bank Financial boosted their price objective on shares of Royal Bank of Canada from C$147.00 to C$148.00 in a research note on Thursday, August 25th. Finally, Credit Suisse Group dropped their price objective on shares of Royal Bank of Canada from C$144.00 to C$143.00 in a research note on Thursday, August 25th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $139.81.

Royal Bank of Canada Company Profile

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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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Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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