Royal Bank of Canada (NYSE:RY) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. reduced its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 9.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 2,844 shares of the financial services provider’s stock after selling 297 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Royal Bank of Canada were worth $343,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Dunhill Financial LLC acquired a new stake in Royal Bank of Canada during the 3rd quarter worth $25,000. Larson Financial Group LLC acquired a new stake in shares of Royal Bank of Canada during the third quarter worth about $26,000. Roxbury Financial LLC purchased a new position in shares of Royal Bank of Canada during the fourth quarter worth about $29,000. Jackson Grant Investment Advisers Inc. acquired a new position in Royal Bank of Canada in the 4th quarter valued at about $36,000. Finally, Kieckhefer Group LLC purchased a new stake in Royal Bank of Canada during the 4th quarter valued at approximately $36,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at $114.73 on Friday. The stock has a fifty day moving average price of $117.59 and a 200 day moving average price of $121.13. 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 $161.96 billion, a PE ratio of 13.89, a P/E/G ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a 1 year low of $95.84 and a 1 year high of $128.05.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be given a $1.0251 dividend. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 annualized dividend and a dividend yield of 3.57%. Royal Bank of Canada’s dividend payout ratio is presently 45.96%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on RY shares. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. BMO Capital Markets cut their target price on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a research note on Thursday, December 5th. Finally, CIBC reissued a “neutral” rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and a consensus price target 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.