Royal Bank of Canada (NYSE:RY) Shares Sold by Mackenzie Financial Corp

Mackenzie Financial Corp cut its position in Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 5.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 comprises 3.6% of Mackenzie Financial Corp's portfolio, making the stock its largest holding. Mackenzie Financial Corp owned approximately 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 RY. WealthTrak Capital Management LLC purchased a new position in Royal Bank of Canada in the 4th quarter worth about $28,000. Roxbury Financial LLC acquired a new stake in Royal Bank of Canada in the 4th quarter worth approximately $29,000. Optiver Holding B.V. acquired a new stake in Royal Bank of Canada in the 4th quarter worth approximately $35,000. Crews Bank & Trust acquired a new stake in Royal Bank of Canada in the 4th quarter worth approximately $36,000. Finally, Jackson Grant Investment Advisers Inc. acquired a new stake in Royal Bank of Canada during the 4th quarter valued at approximately $36,000. Institutional investors own 45.31% of the company's stock.

Wall Street Analysts Forecast Growth

RY has been the subject of several recent analyst reports. Scotiabank started coverage on shares of Royal Bank of Canada in a report on Thursday, May 15th. They issued a "sector outperform" rating for the company. CIBC reaffirmed an "outperform" rating on shares of Royal Bank of Canada in a research report 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. Finally, 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. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Royal Bank of Canada has a consensus rating of "Moderate Buy" and a consensus price target of $156.50.

Royal Bank of Canada Trading Down 2.8%

Shares of NYSE:RY traded down $3.62 during trading on Thursday, reaching $125.32. 1,346,642 shares of the stock were exchanged, compared to its average volume of 1,319,168. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. Royal Bank of Canada has a 12-month low of $102.44 and a 12-month high of $129.46. The firm has a market cap of $177.26 billion, a price-to-earnings ratio of 15.17, a price-to-earnings-growth ratio of 1.80 and a beta of 0.89. The firm's 50-day moving average price is $118.42 and its 200 day moving average price is $119.63.

Royal Bank of Canada Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Thursday, April 24th were issued a $1.0251 dividend. The ex-dividend date was Thursday, April 24th. This represents a $4.10 annualized dividend and a yield of 3.27%. Royal Bank of Canada's dividend payout ratio (DPR) 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.