Envestnet Asset Management Inc. Acquires 7,296 Shares of Royal Bank of Canada (NYSE:RY)

Envestnet Asset Management Inc. raised its position in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 2.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 338,009 shares of the financial services provider's stock after acquiring an additional 7,296 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Royal Bank of Canada were worth $40,733,000 at the end of the most recent quarter.

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

Royal Bank of Canada Price Performance

NYSE RY traded up $0.49 on Thursday, reaching $116.11. The company had a trading volume of 160,070 shares, compared to its average volume of 1,098,409. The stock has a market capitalization of $163.91 billion, a PE ratio of 14.07, a price-to-earnings-growth ratio of 1.80 and a beta of 0.82. Royal Bank of Canada has a 12 month low of $95.84 and a 12 month high of $128.05. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The firm's 50 day moving average price is $114.90 and its 200 day moving average price is $119.97.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be paid a dividend of $1.0251 per share. This represents a $4.10 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada's payout ratio is presently 46.18%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on RY shares. StockNews.com raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, February 28th. Cibc World Mkts upgraded Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 3rd. Finally, CIBC raised Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a research note on Friday, April 4th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average 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.