Zurich Insurance Group Ltd FI Takes Position in Royal Bank of Canada (NYSE:RY)

Zurich Insurance Group Ltd FI purchased a new position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 24,100 shares of the financial services provider's stock, valued at approximately $2,903,000.

A number of other institutional investors have also modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Royal Bank of Canada by 1.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider's stock valued at $427,589,000 after purchasing an additional 64,450 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Royal Bank of Canada in the fourth quarter valued at approximately $60,034,000. Wealth High Governance Capital Ltda acquired a new position in shares of Royal Bank of Canada in the fourth quarter valued at approximately $10,243,000. Jones Financial Companies Lllp grew its holdings in Royal Bank of Canada by 1,322.0% during the fourth quarter. Jones Financial Companies Lllp now owns 4,010 shares of the financial services provider's stock worth $483,000 after acquiring an additional 3,728 shares during the period. Finally, APG Asset Management N.V. grew its holdings in Royal Bank of Canada by 1,600.9% during the fourth quarter. APG Asset Management N.V. now owns 1,427,075 shares of the financial services provider's stock worth $166,084,000 after acquiring an additional 1,343,174 shares during the period. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank of Canada Price Performance

RY traded up $1.69 during trading on Friday, reaching $128.21. 1,355,532 shares of the stock were exchanged, compared to its average volume of 1,126,689. The business's 50 day moving average price is $117.54 and its two-hundred day moving average price is $119.53. 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 company has a market capitalization 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. Royal Bank of Canada has a 1 year low of $102.44 and a 1 year high of $128.73.

Royal Bank of Canada Cuts Dividend

The company 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 3.20%. Royal Bank of Canada's payout ratio is 46.18%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Scotiabank assumed coverage on Royal Bank of Canada in a report on Thursday, May 15th. They set a "sector outperform" rating on the stock. Cibc World Mkts raised Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 3rd. CIBC reaffirmed an "outperform" rating on shares of Royal Bank of Canada in a report on Tuesday. Finally, Wall Street Zen raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus 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.