Twinbeech Capital LP Takes Position in Royal Bank of Canada (NYSE:RY)

Twinbeech Capital LP bought a new position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,211 shares of the financial services provider's stock, valued at approximately $507,000.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Royal Bank of Canada by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 59,183,549 shares of the financial services provider's stock worth $7,136,056,000 after buying an additional 1,104,975 shares in the last quarter. Norges Bank bought a new stake in Royal Bank of Canada during the fourth quarter worth $2,425,519,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Royal Bank of Canada by 9.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider's stock worth $1,338,156,000 after buying an additional 921,276 shares in the last quarter. Scotia Capital Inc. grew its holdings in Royal Bank of Canada by 1.9% during the fourth quarter. Scotia Capital Inc. now owns 8,891,023 shares of the financial services provider's stock worth $1,071,536,000 after buying an additional 169,437 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Royal Bank of Canada by 31.2% during the fourth quarter. Geode Capital Management LLC now owns 8,382,278 shares of the financial services provider's stock worth $1,027,061,000 after buying an additional 1,991,364 shares in the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on RY. Cibc World Mkts upgraded Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report 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 report on Friday, May 9th. CIBC reissued an "outperform" rating on shares of Royal Bank of Canada in a report on Tuesday, May 20th. Finally, Scotiabank initiated coverage on shares of Royal Bank of Canada in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $156.50.

Royal Bank of Canada Price Performance

RY traded up $1.69 during trading on Friday, reaching $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 moving average is $117.54 and its two-hundred day moving average is $119.50. The company has a market cap of $181.33 billion, a price-to-earnings ratio of 15.52, a P/E/G ratio of 1.80 and a beta of 0.89. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 12-month low of $102.44 and a 12-month high of $128.73.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Thursday, April 24th were issued 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 3.20%. Royal Bank of Canada's dividend payout ratio (DPR) is 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.