Avantax Advisory Services Inc. Raises Stock Holdings in Royal Bank of Canada (NYSE:RY)

Avantax Advisory Services Inc. increased its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 15.3% in the fourth quarter, HoldingsChannel reports. The firm owned 10,097 shares of the financial services provider’s stock after buying an additional 1,337 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Royal Bank of Canada were worth $1,217,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RY. Financial Management Professionals Inc. raised its position in shares of Royal Bank of Canada by 26.8% in the fourth quarter. Financial Management Professionals Inc. now owns 426 shares of the financial services provider’s stock valued at $51,000 after buying an additional 90 shares during the last quarter. Drive Wealth Management LLC lifted its stake in shares of Royal Bank of Canada by 3.4% during the 3rd quarter. Drive Wealth Management LLC now owns 2,799 shares of the financial services provider’s stock worth $349,000 after purchasing an additional 92 shares during the period. Ballentine Partners LLC boosted its holdings in shares of Royal Bank of Canada by 2.2% during the fourth quarter. Ballentine Partners LLC now owns 4,308 shares of the financial services provider’s stock worth $519,000 after purchasing an additional 94 shares during the last quarter. Richardson Financial Services Inc. grew its position in shares of Royal Bank of Canada by 45.7% in the fourth quarter. Richardson Financial Services Inc. now owns 306 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 96 shares during the period. Finally, DAVENPORT & Co LLC grew its position in shares of Royal Bank of Canada by 0.8% in the fourth quarter. DAVENPORT & Co LLC now owns 12,466 shares of the financial services provider’s stock valued at $1,502,000 after purchasing an additional 101 shares during the period. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RY has been the topic of a number of research analyst reports. BMO Capital Markets decreased their price target on 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. CIBC reiterated a “neutral” rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research note on Friday, February 28th. Finally, Barclays raised Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $156.50.

Royal Bank of Canada Price Performance

Royal Bank of Canada stock opened at $112.45 on Wednesday. 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 firm has a market capitalization of $158.74 billion, a P/E ratio of 13.61, a PEG ratio of 1.80 and a beta of 0.88. The firm has a fifty day moving average of $118.26 and a 200-day moving average of $121.43. 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be given a $1.0251 dividend. This represents a $4.10 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) 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.