Dimensional Fund Advisors LP grew its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,226,386 shares of the financial services provider’s stock after buying an additional 8,747 shares during the period. Dimensional Fund Advisors LP owned approximately 0.08% of Royal Bank of Canada worth $94,860,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in RY. Quadrant Capital Group LLC boosted its stake in shares of Royal Bank of Canada by 4.0% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,709 shares of the financial services provider’s stock worth $102,000 after buying an additional 65 shares during the last quarter. Mckinley Capital Management LLC Delaware acquired a new position in shares of Royal Bank of Canada during the 2nd quarter worth about $191,000. Asset Advisors Corp acquired a new position in shares of Royal Bank of Canada during the 3rd quarter worth about $178,000. Holderness Investments Co. acquired a new position in shares of Royal Bank of Canada during the 3rd quarter worth about $203,000. Finally, RFG Advisory Group LLC acquired a new position in shares of Royal Bank of Canada during the 2nd quarter worth about $201,000. 40.63% of the stock is owned by institutional investors.
RY has been the subject of a number of recent research reports. Argus increased their price objective on shares of Royal Bank of Canada to $94.00 and gave the stock a “buy” rating in a research note on Friday, January 5th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. BMO Capital Markets reaffirmed a “hold” rating and issued a $102.00 target price on shares of Royal Bank of Canada in a report on Wednesday, November 29th. Canaccord Genuity reaffirmed a “hold” rating and issued a $105.00 target price on shares of Royal Bank of Canada in a report on Wednesday, November 29th. Finally, Scotiabank reissued a “hold” rating and issued a $101.00 price target on shares of Royal Bank of Canada in a report on Wednesday, November 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. Royal Bank of Canada presently has an average rating of “Hold” and an average target price of $97.00.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Thursday, January 25th will be issued a dividend of $0.7157 per share. The ex-dividend date is Wednesday, January 24th. This represents a $2.86 annualized dividend and a dividend yield of 3.39%. Royal Bank of Canada’s dividend payout ratio is presently 47.52%.
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About Royal Bank of Canada
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.
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