Cypress Capital Group Sells 360 Shares of Royal Bank of Canada (NYSE:RY)

Cypress Capital Group decreased its position in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 9.4% during the fourth quarter, HoldingsChannel.com reports. The firm owned 3,450 shares of the financial services provider’s stock after selling 360 shares during the quarter. Cypress Capital Group’s holdings in Royal Bank of Canada were worth $416,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its position in Royal Bank of Canada by 6.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 84,045 shares of the financial services provider’s stock worth $10,483,000 after buying an additional 4,980 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Royal Bank of Canada by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,548,041 shares of the financial services provider’s stock worth $427,589,000 after buying an additional 64,450 shares during the last quarter. CIBC Asset Management Inc raised its position in Royal Bank of Canada by 0.9% in the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock worth $1,706,833,000 after buying an additional 124,348 shares during the last quarter. Algert Global LLC purchased a new position in Royal Bank of Canada in the 3rd quarter worth about $706,000. Finally, Bridgewater Associates LP raised its position in Royal Bank of Canada by 150.7% in the 3rd quarter. Bridgewater Associates LP now owns 74,025 shares of the financial services provider’s stock worth $9,249,000 after buying an additional 44,494 shares during the last quarter. Institutional investors own 45.31% of the company’s stock.

Wall Street Analyst Weigh In

RY has been the subject of a number of recent analyst reports. BMO Capital Markets decreased their target price on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a research report on Thursday, December 5th. StockNews.com raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. TD Securities lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Finally, Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. Two 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 company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Price Performance

NYSE RY opened at $115.42 on Thursday. Royal Bank of Canada has a 52 week low of $95.84 and a 52 week high of $128.05. The firm has a market capitalization of $163.24 billion, a P/E ratio of 13.97, a PEG ratio of 1.80 and a beta of 0.88. 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 50-day moving average price of $119.80 and a 200-day moving average price of $121.62.

Royal Bank of Canada Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be issued a $1.0251 dividend. This represents a $4.10 annualized dividend and a yield of 3.55%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio is 45.96%.

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.