Lorne Steinberg Wealth Management Inc. Decreases Holdings in Royal Bank of Canada (NYSE:RY)

Lorne Steinberg Wealth Management Inc. reduced its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 112,062 shares of the financial services provider’s stock after selling 514 shares during the quarter. Royal Bank of Canada makes up approximately 3.9% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its biggest position. Lorne Steinberg Wealth Management Inc.’s holdings in Royal Bank of Canada were worth $13,498,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of RY. FMR LLC raised its holdings in Royal Bank of Canada by 75.8% during the third quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock valued at $2,229,834,000 after acquiring an additional 7,702,585 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Royal Bank of Canada by 165.1% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider’s stock valued at $361,532,000 after acquiring an additional 1,804,022 shares during the period. International Assets Investment Management LLC bought a new stake in Royal Bank of Canada during the third quarter valued at about $153,217,000. Geode Capital Management LLC raised its holdings in Royal Bank of Canada by 9.3% during the third quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock valued at $805,616,000 after acquiring an additional 541,760 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec raised its holdings in Royal Bank of Canada by 18.2% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,336,354 shares of the financial services provider’s stock valued at $291,925,000 after acquiring an additional 359,719 shares during the period. 45.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. BMO Capital Markets decreased their price target on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. Finally, StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Trading Up 1.6 %

Shares of Royal Bank of Canada stock opened at $120.89 on Wednesday. The firm has a market cap of $170.98 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.78 and a beta of 0.87. The business has a 50-day moving average price of $120.82 and a 200-day moving average price of $121.03. 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 twelve month low of $95.84 and a twelve month high of $128.05.

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be given a $1.0522 dividend. The ex-dividend date of this dividend is Monday, January 27th. This represents a $4.21 annualized dividend and a yield of 3.48%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 49.76%.

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.