Mackenzie Financial Corp Has $2.80 Billion Holdings in Royal Bank of Canada (NYSE:RY)

Mackenzie Financial Corp lowered its position in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 5.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 23,274,594 shares of the financial services provider's stock after selling 1,335,993 shares during the period. Royal Bank of Canada accounts for approximately 3.6% of Mackenzie Financial Corp's portfolio, making the stock its largest position. Mackenzie Financial Corp owned 1.65% of Royal Bank of Canada worth $2,803,303,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. WealthTrak Capital Management LLC acquired a new stake in shares of Royal Bank of Canada in the 4th quarter worth about $28,000. Roxbury Financial LLC acquired a new stake in shares of Royal Bank of Canada in the 4th quarter worth about $29,000. Optiver Holding B.V. acquired a new stake in shares of Royal Bank of Canada in the 4th quarter worth about $35,000. Crews Bank & Trust bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth $36,000. Finally, Jackson Grant Investment Advisers Inc. bought a new stake in shares of Royal Bank of Canada in the 4th quarter worth $36,000. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank of Canada Stock Performance

NYSE RY traded up $0.11 during trading hours on Tuesday, reaching $128.54. 1,246,754 shares of the company were exchanged, compared to its average volume of 1,128,618. 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 stock has a market capitalization of $181.81 billion, a P/E ratio of 15.56, a P/E/G ratio of 1.80 and a beta of 0.89. Royal Bank of Canada has a 1 year low of $102.44 and a 1 year high of $130.11. The business's 50 day simple moving average is $117.82 and its 200-day simple moving average is $119.50.

Royal Bank of Canada Cuts Dividend

The firm 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 dividend on an annualized basis and a yield of 3.19%. Royal Bank of Canada's dividend payout ratio is presently 46.18%.

Analysts Set New Price Targets

RY has been the subject of several recent analyst reports. CIBC reiterated an "outperform" rating on shares of Royal Bank of Canada in a research note on Tuesday, May 20th. Cibc World Mkts upgraded shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 3rd. Wall Street Zen upgraded shares of Royal Bank of Canada from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. Finally, Scotiabank initiated coverage on shares of Royal Bank of Canada in a report on Thursday, May 15th. They set a "sector outperform" rating for the company. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $156.50.

About Royal Bank of Canada

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.