Massachusetts Financial Services Co. MA Lowers Holdings in Royal Bank of Canada (NYSE:RY)

Massachusetts Financial Services Co. MA lowered its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,627,651 shares of the financial services provider’s stock after selling 83,951 shares during the period. Massachusetts Financial Services Co. MA owned about 0.19% of Royal Bank of Canada worth $316,658,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Financial Management Professionals Inc. boosted its holdings 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 in the last quarter. Ballentine Partners LLC raised its position 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 worth $519,000 after acquiring an additional 94 shares during the period. Richardson Financial Services Inc. boosted its stake in shares of 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 worth $37,000 after acquiring an additional 96 shares in the last quarter. DAVENPORT & Co LLC grew its position in shares of Royal Bank of Canada by 0.8% during the 4th quarter. DAVENPORT & Co LLC now owns 12,466 shares of the financial services provider’s stock valued at $1,502,000 after acquiring an additional 101 shares during the period. Finally, CENTRAL TRUST Co increased its stake in shares of Royal Bank of Canada by 5.3% in the 4th quarter. CENTRAL TRUST Co now owns 2,270 shares of the financial services provider’s stock valued at $274,000 after purchasing an additional 115 shares in the last quarter. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

Shares of NYSE RY opened at $114.56 on Thursday. The firm has a 50-day simple moving average of $116.97 and a 200-day simple moving average of $120.83. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. The stock has a market capitalization of $161.72 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05.

Royal Bank of Canada Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be paid a $1.0251 dividend. This represents a $4.10 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is 45.96%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RY. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. BMO Capital Markets dropped their price target on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research note on Thursday, December 5th. Finally, CIBC restated a “neutral” rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $156.50.

Royal Bank of Canada 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.