Vanguard Group Inc. Buys 1,603,427 Shares of Royal Bank of Canada (NYSE:RY)

Vanguard Group Inc. lifted its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 54,730,646 shares of the financial services provider’s stock after purchasing an additional 1,603,427 shares during the period. Vanguard Group Inc. owned 3.88% of Royal Bank of Canada worth $5,534,910,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Canoe Financial LP lifted its holdings in Royal Bank of Canada by 11,061.2% during the fourth quarter. Canoe Financial LP now owns 151,142,403 shares of the financial services provider’s stock valued at $15,285,031,000 after purchasing an additional 149,788,224 shares during the last quarter. TD Asset Management Inc raised its position in shares of Royal Bank of Canada by 21.7% in the fourth quarter. TD Asset Management Inc now owns 32,571,491 shares of the financial services provider’s stock valued at $3,310,010,000 after purchasing an additional 5,810,077 shares during the period. Bank of Nova Scotia lifted its stake in shares of Royal Bank of Canada by 5.1% during the 4th quarter. Bank of Nova Scotia now owns 28,024,917 shares of the financial services provider’s stock valued at $2,834,219,000 after buying an additional 1,357,956 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in Royal Bank of Canada by 5.4% in the 4th quarter. Mackenzie Financial Corp now owns 26,869,809 shares of the financial services provider’s stock worth $2,718,631,000 after buying an additional 1,369,723 shares during the period. Finally, FIL Ltd grew its stake in Royal Bank of Canada by 1.8% in the 4th quarter. FIL Ltd now owns 18,790,164 shares of the financial services provider’s stock valued at $1,900,217,000 after buying an additional 333,333 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

Shares of NYSE:RY opened at $103.61 on Tuesday. The company’s fifty day moving average price is $102.72 and its 200-day moving average price is $99.94. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $146.62 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 1.64 and a beta of 0.87. Royal Bank of Canada has a one year low of $77.90 and a one year high of $109.51.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Thursday, July 25th will be paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date is Thursday, July 25th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.02. Royal Bank of Canada’s dividend payout ratio is currently 50.62%.

Analyst Ratings Changes

Several equities research analysts have issued reports on RY shares. Jefferies Financial Group upgraded Royal Bank of Canada from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, May 31st. BMO Capital Markets cut shares of Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 31st. Argus boosted their price target on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Thursday, June 6th. Finally, Barclays started coverage on shares of Royal Bank of Canada in a report on Wednesday, March 20th. They issued an “equal weight” rating on the stock. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $133.25.

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.