Renaissance Technologies LLC cut its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 24.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 729,077 shares of the financial services provider’s stock after selling 236,500 shares during the period. Renaissance Technologies LLC owned about 0.05% of Royal Bank of Canada worth $59,530,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Delpha Capital Management LLC bought a new stake in Royal Bank of Canada during the 4th quarter worth approximately $151,000. Fieldpoint Private Securities LLC bought a new stake in Royal Bank of Canada during the 3rd quarter worth approximately $153,000. Holderness Investments Co. bought a new stake in Royal Bank of Canada during the 3rd quarter worth approximately $203,000. Private Advisor Group LLC bought a new stake in Royal Bank of Canada during the 4th quarter worth approximately $203,000. Finally, Cypress Capital Management LLC bought a new stake in Royal Bank of Canada during the 4th quarter worth approximately $204,000. 42.85% of the stock is owned by institutional investors and hedge funds.
Royal Bank of Canada (NYSE RY) opened at $78.46 on Wednesday. The company has a market capitalization of $114,557.69, a price-to-earnings ratio of 13.03, a price-to-earnings-growth ratio of 1.41 and a beta of 1.12. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.89 and a quick ratio of 0.89. Royal Bank of Canada has a 12-month low of $66.66 and a 12-month high of $87.10.
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 24th. Stockholders of record on Wednesday, April 25th will be paid a $0.74 dividend. The ex-dividend date of this dividend is Tuesday, April 24th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.77%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $0.72. Royal Bank of Canada’s dividend payout ratio is 49.06%.
Royal Bank of Canada declared that its board has authorized a share buyback plan on Friday, February 23rd that authorizes the company to repurchase 30,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
RY has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Wednesday, December 6th. ValuEngine lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, March 2nd. CIBC lowered Royal Bank of Canada from an “outperform” rating to a “neutral” rating in a research report on Thursday, February 1st. Scotiabank reiterated a “hold” rating and issued a $101.00 price objective on shares of Royal Bank of Canada in a research report on Wednesday, November 22nd. Finally, Bank of America upgraded Royal Bank of Canada from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $98.60.
TRADEMARK VIOLATION WARNING: “Renaissance Technologies LLC Sells 236,500 Shares of Royal Bank of Canada (RY)” was originally published by American Banking News and is the sole property of of American Banking News. If you are accessing this piece on another publication, it was illegally stolen and reposted in violation of international copyright legislation. The original version of this piece can be accessed at https://www.americanbankingnews.com/2018/03/14/renaissance-technologies-llc-sells-236500-shares-of-royal-bank-of-canada-ry.html.
Royal Bank of Canada Company Profile
Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
Receive News & Ratings for Royal Bank of Canada Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Royal Bank of Canada and related companies with MarketBeat.com's FREE daily email newsletter.