Royal Bank of Canada (NYSE:RY) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. cut its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 9.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,844 shares of the financial services provider’s stock after selling 297 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Royal Bank of Canada were worth $343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Dunhill Financial LLC purchased a new position in Royal Bank of Canada in the third quarter worth approximately $25,000. Larson Financial Group LLC acquired a new stake in shares of Royal Bank of Canada during the 3rd quarter worth about $26,000. Roxbury Financial LLC acquired a new position in Royal Bank of Canada in the fourth quarter valued at about $29,000. Kieckhefer Group LLC purchased a new position in Royal Bank of Canada during the fourth quarter worth about $36,000. Finally, Crews Bank & Trust acquired a new stake in shares of Royal Bank of Canada during the fourth quarter valued at about $36,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. CIBC reaffirmed a “neutral” rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a report on Friday, February 28th. Finally, BMO Capital Markets cut 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. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Royal Bank of Canada has an average rating of “Moderate Buy” and a consensus price target of $156.50.

Royal Bank of Canada Stock Down 1.3 %

Shares of NYSE:RY opened at $114.73 on Friday. Royal Bank of Canada has a fifty-two week low of $95.84 and a fifty-two week high of $128.05. The firm’s 50 day moving average price is $117.59 and its 200 day moving average price is $121.13. 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 cap of $161.96 billion, a price-to-earnings ratio of 13.89, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88.

Royal Bank of Canada Cuts Dividend

The firm also recently declared 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 3.57%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio is presently 45.96%.

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.