Renaissance Technologies LLC Invests $32.98 Million in Royal Bank of Canada (NYSE:RY)

Renaissance Technologies LLC bought a new position in shares of Royal Bank of Canada (NYSE:RY - Free Report) TSE: RY during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 273,694 shares of the financial services provider's stock, valued at approximately $32,983,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Ruggaard & Associates LLC raised its stake in shares of Royal Bank of Canada by 1.8% in the fourth quarter. Ruggaard & Associates LLC now owns 4,685 shares of the financial services provider's stock worth $565,000 after purchasing an additional 85 shares during the last quarter. Financial Management Professionals Inc. boosted its holdings in Royal Bank of Canada by 26.8% during the 4th quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider's stock worth $51,000 after acquiring an additional 90 shares during the last quarter. Ballentine Partners LLC raised its holdings 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 purchasing an additional 94 shares during the last quarter. Richardson Financial Services Inc. boosted its holdings in Royal Bank of Canada by 45.7% during the fourth quarter. Richardson Financial Services Inc. now owns 306 shares of the financial services provider's stock worth $37,000 after purchasing an additional 96 shares during the last quarter. Finally, DAVENPORT & Co LLC grew its position in Royal Bank of Canada by 0.8% in the 4th quarter. DAVENPORT & Co LLC now owns 12,466 shares of the financial services provider's stock worth $1,502,000 after purchasing an additional 101 shares in the last quarter. 45.31% of the stock is owned by institutional investors.

Royal Bank of Canada Stock Performance

NYSE RY traded up $0.85 during trading on Thursday, hitting $116.47. 222,979 shares of the company's stock traded hands, compared to its average volume of 1,098,627. The stock has a market capitalization of $164.42 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 1.80 and a beta of 0.82. 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 business has a 50 day moving average of $114.90 and a 200-day moving average of $119.97. Royal Bank of Canada has a 12-month low of $95.84 and a 12-month high of $128.05.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be paid a $1.0251 dividend. The ex-dividend date is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a yield of 3.52%. Royal Bank of Canada's dividend payout ratio is 46.18%.

Wall Street Analyst Weigh In

RY has been the subject of several recent analyst reports. CIBC raised Royal Bank of Canada from a "neutral" rating to a "sector outperform" rating in a report on Friday, April 4th. StockNews.com raised shares of Royal Bank of Canada from a "sell" rating to a "hold" rating in a report on Friday, February 28th. Finally, Cibc World Mkts upgraded shares of Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 3rd. Two analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Royal Bank of Canada has a consensus rating of "Buy" and a consensus target price of $156.50.

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.