Ballentine Partners LLC Takes $343,000 Position in Royal Bank of Canada (NYSE:RY)

Ballentine Partners LLC purchased a new position in Royal Bank of Canada (NYSE:RY) (TSE:RY) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 3,221 shares of the financial services provider’s stock, valued at approximately $343,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Caprock Group LLC acquired a new position in Royal Bank of Canada during the second quarter worth $673,000. Certuity LLC grew its holdings in shares of Royal Bank of Canada by 5.1% in the 2nd quarter. Certuity LLC now owns 2,177 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 106 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Royal Bank of Canada by 32.6% during the 2nd quarter. Acadian Asset Management LLC now owns 55,998 shares of the financial services provider’s stock worth $5,956,000 after purchasing an additional 13,779 shares in the last quarter. Sivia Capital Partners LLC lifted its holdings in Royal Bank of Canada by 22.7% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,943 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 544 shares during the last quarter. Finally, Savant Capital LLC boosted its position in Royal Bank of Canada by 173.3% in the second quarter. Savant Capital LLC now owns 6,277 shares of the financial services provider’s stock valued at $668,000 after buying an additional 3,980 shares in the last quarter. Institutional investors own 45.31% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on RY. Scotiabank raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 17th. Argus increased their price objective on shares of Royal Bank of Canada from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Thursday, June 6th. UBS Group assumed coverage on shares of Royal Bank of Canada in a research note on Tuesday, July 2nd. They issued a “buy” rating for the company. StockNews.com cut shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Saturday, July 20th. Finally, BMO Capital Markets boosted their price objective on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research report on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Stock Up 0.8 %

Shares of NYSE RY opened at $123.23 on Thursday. Royal Bank of Canada has a 1 year low of $77.90 and a 1 year high of $123.54. The firm’s 50-day moving average is $113.00 and its 200-day moving average is $105.87. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.12. The firm has a market capitalization of $174.38 billion, a PE ratio of 15.29, a price-to-earnings-growth ratio of 1.97 and a beta of 0.86.

Royal Bank of Canada Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be paid a $1.028 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $4.11 dividend on an annualized basis and a yield of 3.34%. Royal Bank of Canada’s payout ratio is presently 51.49%.

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.