Burgundy Asset Management Ltd. Sells 2,647 Shares of Royal Bank of Canada (NYSE:RY)

Burgundy Asset Management Ltd. trimmed its position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 0.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 648,865 shares of the financial services provider's stock after selling 2,647 shares during the quarter. Burgundy Asset Management Ltd.'s holdings in Royal Bank of Canada were worth $78,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of RY. Roxbury Financial LLC bought a new stake in Royal Bank of Canada during the fourth quarter valued at about $29,000. WealthTrak Capital Management LLC purchased a new position in shares of Royal Bank of Canada during the fourth quarter valued at about $28,000. Optiver Holding B.V. purchased a new position in shares of Royal Bank of Canada during the fourth quarter valued at about $35,000. Jackson Grant Investment Advisers Inc. purchased a new position in shares of Royal Bank of Canada during the fourth quarter valued at about $36,000. Finally, Crews Bank & Trust purchased a new position in shares of Royal Bank of Canada during the fourth quarter valued at about $36,000. 45.31% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Cibc World Mkts upgraded Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 3rd. Wall Street Zen upgraded Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Scotiabank initiated coverage on Royal Bank of Canada in a research report on Thursday, May 15th. They issued a "sector outperform" rating for the company. Finally, CIBC reiterated an "outperform" rating on shares of Royal Bank of Canada in a research report on Tuesday, May 20th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $156.50.

Royal Bank of Canada Stock Performance

RY traded up $1.69 during midday trading on Friday, hitting $128.21. 1,355,532 shares of the company were exchanged, compared to its average volume of 1,127,749. The company's 50 day simple moving average is $117.54 and its 200 day simple moving average is $119.47. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 1-year low of $102.44 and a 1-year high of $128.73. The firm has a market capitalization of $181.33 billion, a price-to-earnings ratio of 15.52, a price-to-earnings-growth ratio of 1.80 and a beta of 0.89.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th were given a dividend of $1.0251 per share. The ex-dividend date of this dividend was Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.20%. Royal Bank of Canada's payout ratio is currently 46.18%.

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.