Nuveen Asset Management LLC Grows Stake in Royal Bank of Canada (NYSE:RY)

Nuveen Asset Management LLC raised its stake in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 0.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,649,256 shares of the financial services provider's stock after buying an additional 5,821 shares during the quarter. Nuveen Asset Management LLC owned about 0.12% of Royal Bank of Canada worth $198,755,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Ruggaard & Associates LLC grew its stake in shares of Royal Bank of Canada by 1.8% in the 4th quarter. Ruggaard & Associates LLC now owns 4,685 shares of the financial services provider's stock valued at $565,000 after purchasing an additional 85 shares during the period. Financial Management Professionals Inc. grew its stake in Royal Bank of Canada by 26.8% during the fourth quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider's stock worth $51,000 after buying an additional 90 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Royal Bank of Canada by 3.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,860 shares of the financial services provider's stock worth $345,000 after buying an additional 90 shares in the last quarter. Ballentine Partners LLC raised its stake in shares of Royal Bank of Canada by 2.2% in the fourth quarter. Ballentine Partners LLC now owns 4,308 shares of the financial services provider's stock valued at $519,000 after acquiring an additional 94 shares during the last quarter. Finally, Richardson Financial Services Inc. increased its holdings in Royal Bank of Canada by 45.7% during the 4th quarter. Richardson Financial Services Inc. now owns 306 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 96 shares in the last quarter. Institutional investors and hedge funds own 45.31% of the company's stock.

Analysts Set New Price Targets

RY has been the subject of a number of research reports. Cibc World Mkts raised shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 3rd. Scotiabank began coverage on shares of Royal Bank of Canada in a report on Thursday. They set a "sector outperform" rating on the stock. StockNews.com raised Royal Bank of Canada from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Finally, CIBC raised Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a research report on Friday, April 4th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from 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 Up 1.0%

Shares of RY stock traded up $1.25 during mid-day trading on Monday, hitting $127.07. The company's stock had a trading volume of 940,070 shares, compared to its average volume of 1,115,489. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $179.73 billion, a PE ratio of 15.38, a P/E/G ratio of 1.80 and a beta of 0.89. The company's fifty day simple moving average is $115.99 and its 200-day simple moving average is $119.33. Royal Bank of Canada has a 52 week low of $102.44 and a 52 week high of $128.05.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be given a dividend of $1.0251 per share. The ex-dividend date is Thursday, April 24th. This represents a $4.10 annualized dividend and a dividend yield of 3.23%. Royal Bank of Canada's dividend 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.