Burgundy Asset Management Ltd. Cuts Stock Position in Royal Bank of Canada (NYSE:RY)

Burgundy Asset Management Ltd. decreased its position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 0.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 648,865 shares of the financial services provider's stock after selling 2,647 shares during the period. Burgundy Asset Management Ltd.'s holdings in Royal Bank of Canada were worth $78,158,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in RY. HB Wealth Management LLC increased its holdings in shares of Royal Bank of Canada by 47.4% in the 4th quarter. HB Wealth Management LLC now owns 5,144 shares of the financial services provider's stock worth $620,000 after buying an additional 1,654 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in Royal Bank of Canada by 17.0% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,321 shares of the financial services provider's stock worth $159,000 after acquiring an additional 192 shares in the last quarter. Ballentine Partners LLC increased its stake in 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 worth $519,000 after acquiring an additional 94 shares during the last quarter. Brighton Jones LLC increased its position in shares of Royal Bank of Canada by 33.1% during the 4th quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 575 shares during the last quarter. Finally, LexAurum Advisors LLC lifted its holdings in shares of Royal Bank of Canada by 24.2% in the 4th quarter. LexAurum Advisors LLC now owns 2,422 shares of the financial services provider's stock worth $292,000 after acquiring an additional 472 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank of Canada Stock Up 0.3%

Shares of RY stock traded up $0.40 during mid-day trading on Wednesday, hitting $129.26. The stock had a trading volume of 312,627 shares, compared to its average volume of 1,311,656. Royal Bank of Canada has a 12-month low of $102.44 and a 12-month high of $129.42. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. The firm's 50-day moving average is $118.11 and its two-hundred day moving average is $119.56. The firm has a market capitalization of $182.82 billion, a P/E ratio of 15.65, a price-to-earnings-growth ratio of 1.80 and a beta of 0.89.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Thursday, April 24th were paid a $1.0251 dividend. This represents a $4.10 dividend on an annualized basis and a yield of 3.17%. The ex-dividend date was Thursday, April 24th. Royal Bank of Canada's dividend payout ratio (DPR) is 46.18%.

Analysts Set New Price Targets

A number of research firms have recently commented on RY. Cibc World Mkts raised Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 3rd. Scotiabank began coverage on Royal Bank of Canada in a research report on Thursday, May 15th. They issued a "sector outperform" rating on the stock. CIBC reiterated an "outperform" rating on shares of Royal Bank of Canada in a research note on Tuesday, May 20th. Finally, Wall Street Zen raised shares of Royal Bank of Canada from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate 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.