Prudential Financial Inc. Sells 14,024 Shares of Royal Bank of Canada (NYSE:RY)

Prudential Financial Inc. decreased its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 50.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 13,816 shares of the financial services provider’s stock after selling 14,024 shares during the quarter. Prudential Financial Inc.’s holdings in Royal Bank of Canada were worth $1,665,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Financial Management Professionals Inc. lifted its stake in shares of Royal Bank of Canada by 26.8% in the fourth quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider’s stock worth $51,000 after buying an additional 90 shares in the last quarter. Ballentine Partners LLC increased its position in shares of Royal Bank of Canada by 2.2% during the fourth quarter. Ballentine Partners LLC now owns 4,308 shares of the financial services provider’s stock valued at $519,000 after acquiring an additional 94 shares in the last quarter. Richardson Financial Services Inc. lifted its position in Royal Bank of Canada by 45.7% in the 4th quarter. Richardson Financial Services Inc. now owns 306 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 96 shares in the last quarter. DAVENPORT & Co LLC boosted its stake in Royal Bank of Canada by 0.8% during the 4th quarter. DAVENPORT & Co LLC now owns 12,466 shares of the financial services provider’s stock valued at $1,502,000 after purchasing an additional 101 shares during the last quarter. Finally, CENTRAL TRUST Co increased its holdings in shares of Royal Bank of Canada by 5.3% in the 4th quarter. CENTRAL TRUST Co now owns 2,270 shares of the financial services provider’s stock worth $274,000 after purchasing an additional 115 shares in the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RY. Cibc World Mkts raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a report on Thursday. StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Finally, CIBC raised shares of Royal Bank of Canada from a “neutral” rating to a “sector outperform” rating in a report on Friday. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Royal Bank of Canada currently has a consensus rating of “Buy” and an average target price of $156.50.

Royal Bank of Canada Stock Performance

RY opened at $111.13 on Friday. Royal Bank of Canada has a 12-month low of $95.84 and a 12-month high of $128.05. The company has a market cap of $156.88 billion, a price-to-earnings ratio of 13.45, a PEG ratio of 1.80 and a beta of 0.82. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. The company’s 50 day moving average is $116.60 and its 200 day moving average is $120.69.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be paid a $1.0251 dividend. The ex-dividend date is Thursday, April 24th. This represents a $4.10 annualized dividend and a dividend yield of 3.69%. Royal Bank of Canada’s dividend payout ratio (DPR) is 45.96%.

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.