Intact Investment Management Inc. Reduces Stake in Royal Bank of Canada (NYSE:RY)

Intact Investment Management Inc. lowered its stake in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY by 19.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 452,950 shares of the financial services provider's stock after selling 112,425 shares during the quarter. Royal Bank of Canada comprises 1.9% of Intact Investment Management Inc.'s portfolio, making the stock its 14th largest position. Intact Investment Management Inc.'s holdings in Royal Bank of Canada were worth $45,808,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Cigna Investments Inc. New boosted its stake in Royal Bank of Canada by 0.5% during the fourth quarter. Cigna Investments Inc. New now owns 26,187 shares of the financial services provider's stock worth $2,661,000 after acquiring an additional 131 shares in the last quarter. Aviance Capital Partners LLC boosted its stake in Royal Bank of Canada by 4.4% during the third quarter. Aviance Capital Partners LLC now owns 3,628 shares of the financial services provider's stock worth $317,000 after acquiring an additional 152 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Royal Bank of Canada by 1.2% during the fourth quarter. Pacer Advisors Inc. now owns 13,008 shares of the financial services provider's stock worth $1,315,000 after acquiring an additional 154 shares in the last quarter. Raymond James Trust N.A. boosted its stake in Royal Bank of Canada by 2.0% during the fourth quarter. Raymond James Trust N.A. now owns 7,830 shares of the financial services provider's stock worth $792,000 after acquiring an additional 157 shares in the last quarter. Finally, Gradient Investments LLC boosted its stake in Royal Bank of Canada by 4.1% during the third quarter. Gradient Investments LLC now owns 4,168 shares of the financial services provider's stock worth $364,000 after acquiring an additional 165 shares in the last quarter. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank of Canada Stock Performance

RY stock traded up $0.48 during midday trading on Friday, reaching $98.16. 502,507 shares of the company's stock traded hands, compared to its average volume of 1,261,320. Royal Bank of Canada has a 52-week low of $77.90 and a 52-week high of $103.88. The stock has a market cap of $138.87 billion, a P/E ratio of 12.36, a PEG ratio of 1.68 and a beta of 0.86. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.11. The stock's 50-day moving average is $99.11 and its 200 day moving average is $94.80.

Royal Bank of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its earnings results on Wednesday, February 28th. The financial services provider reported $2.11 EPS for the quarter, beating analysts' consensus estimates of $2.06 by $0.05. Royal Bank of Canada had a net margin of 12.43% and a return on equity of 14.74%. The business had revenue of $9.98 billion during the quarter, compared to analysts' expectations of $10.10 billion. As a group, analysts anticipate that Royal Bank of Canada will post 8.45 EPS for the current year.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Thursday, April 25th will be issued a dividend of $1.0207 per share. This is a boost from Royal Bank of Canada's previous quarterly dividend of $1.02. This represents a $4.08 dividend on an annualized basis and a yield of 4.16%. The ex-dividend date of this dividend is Wednesday, April 24th. Royal Bank of Canada's dividend payout ratio is currently 25.31%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. BMO Capital Markets raised shares of Royal Bank of Canada from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $140.00 to $150.00 in a research note on Friday, April 5th. Jefferies Financial Group started coverage on shares of Royal Bank of Canada in a research note on Thursday, February 22nd. They issued a "hold" rating on the stock. Barclays started coverage on shares of Royal Bank of Canada in a research note on Wednesday, March 20th. They issued an "equal weight" rating on the stock. Finally, StockNews.com downgraded shares of Royal Bank of Canada from a "hold" rating to a "sell" rating in a research note on Tuesday, February 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $137.67.

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.