Dixon Mitchell Investment Counsel Inc. Has $99.36 Million Position in Royal Bank of Canada (NYSE:RY)

Dixon Mitchell Investment Counsel Inc. raised its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.8% during the 4th quarter, Holdings Channel reports. The fund owned 824,183 shares of the financial services provider’s stock after purchasing an additional 6,345 shares during the period. Royal Bank of Canada comprises approximately 4.6% of Dixon Mitchell Investment Counsel Inc.’s holdings, making the stock its 5th largest position. Dixon Mitchell Investment Counsel Inc.’s holdings in Royal Bank of Canada were worth $99,364,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RY. Capital Performance Advisors LLP purchased a new position in Royal Bank of Canada during the third quarter valued at approximately $25,000. Dunhill Financial LLC acquired a new position in Royal Bank of Canada during the third quarter worth $25,000. Larson Financial Group LLC purchased a new position in Royal Bank of Canada during the third quarter valued at $26,000. Whittier Trust Co. of Nevada Inc. grew its position in shares of Royal Bank of Canada by 110.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 118 shares during the period. Finally, Grove Bank & Trust purchased a new stake in shares of Royal Bank of Canada during the third quarter worth about $28,000. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Up 0.9 %

Shares of NYSE:RY opened at $119.64 on Thursday. Royal Bank of Canada has a 52-week low of $93.97 and a 52-week high of $128.05. 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 business has a fifty day moving average of $122.81 and a two-hundred day moving average of $119.21. The stock has a market cap of $169.13 billion, a P/E ratio of 14.48, a PEG ratio of 1.77 and a beta of 0.87.

Royal Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be given a dividend of $1.0522 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.03. This represents a $4.21 annualized dividend and a yield of 3.52%. The ex-dividend date is Monday, January 27th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.85%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RY shares. BMO Capital Markets lowered their price objective on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Wednesday, January 1st. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. Finally, TD Securities cut shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $156.50.

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.