Cardinal Capital Management Inc. Has $122.48 Million Holdings in Royal Bank of Canada (NYSE:RY)

Cardinal Capital Management Inc. reduced its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 13.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 1,018,136 shares of the financial services provider’s stock after selling 154,429 shares during the period. Royal Bank of Canada makes up about 4.2% of Cardinal Capital Management Inc.’s investment portfolio, making the stock its 7th largest position. Cardinal Capital Management Inc.’s holdings in Royal Bank of Canada were worth $122,484,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in RY. FMR LLC boosted its position in shares of 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 buying an additional 7,702,585 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Royal Bank of Canada by 165.1% during the 3rd 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 last quarter. International Assets Investment Management LLC bought a new stake in shares of Royal Bank of Canada in the third quarter worth approximately $153,217,000. Geode Capital Management LLC raised its holdings in shares of 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 purchasing an additional 541,760 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position 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 purchasing an additional 359,719 shares during the period. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank of Canada Stock Down 1.0 %

NYSE RY opened at $121.03 on Thursday. Royal Bank of Canada has a 52 week low of $93.97 and a 52 week high of $128.05. 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 company has a market capitalization of $171.17 billion, a P/E ratio of 14.65, a price-to-earnings-growth ratio of 1.83 and a beta of 0.87. The stock’s 50-day moving average price is $122.45 and its 200-day moving average price is $119.66.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be paid a $1.0522 dividend. This represents a $4.21 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend is Monday, January 27th. 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 is presently 50.85%.

Analyst Ratings Changes

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

Royal Bank of Canada Company 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.