Summit Global Investments Takes Position in Royal Bank of Canada (NYSE:RY)

Summit Global Investments purchased a new stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 40,597 shares of the financial services provider’s stock, valued at approximately $4,892,000.

Several other hedge funds and other institutional investors also recently modified their holdings of RY. Dunhill Financial LLC bought a new position in shares of Royal Bank of Canada in the 3rd quarter valued at $25,000. Larson Financial Group LLC bought a new position in shares of Royal Bank of Canada in the 3rd quarter valued at $26,000. Roxbury Financial LLC bought a new position in shares of Royal Bank of Canada in the 4th quarter valued at $29,000. Kieckhefer Group LLC bought a new position in shares of Royal Bank of Canada in the 4th quarter valued at $36,000. Finally, Crews Bank & Trust bought a new position in shares of Royal Bank of Canada in the 4th quarter valued at $36,000. Institutional investors own 45.31% of the company’s stock.

Analysts Set New Price Targets

RY has been the topic of a number of research reports. CIBC restated a “neutral” rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. BMO Capital Markets reduced their price objective on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. Finally, StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Three research analysts have rated the stock with 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Trading Down 0.1 %

NYSE RY opened at $113.71 on Friday. The business’s 50-day moving average price is $117.86 and its two-hundred day moving average price is $121.28. Royal Bank of Canada has a 12 month low of $95.84 and a 12 month high of $128.05. The firm has a market capitalization of $160.52 billion, a PE ratio of 13.77, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11.

Royal Bank of Canada Cuts Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Thursday, April 24th. This represents a $4.10 dividend on an annualized basis and a dividend yield of 3.61%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 45.96%.

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.