Holderness Investments Co. Lowers Holdings in Royal Bank of Canada (NYSE:RY)

Holderness Investments Co. reduced its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,295 shares of the financial services provider’s stock after selling 204 shares during the period. Holderness Investments Co.’s holdings in Royal Bank of Canada were worth $638,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Dunhill Financial LLC acquired a new position in Royal Bank of Canada during the third quarter worth approximately $25,000. Larson Financial Group LLC purchased a new stake in shares of Royal Bank of Canada during the 3rd quarter valued at $26,000. Roxbury Financial LLC acquired a new stake in shares of Royal Bank of Canada during the 4th quarter worth $29,000. Jackson Grant Investment Advisers Inc. purchased a new position in shares of Royal Bank of Canada in the 4th quarter worth $36,000. Finally, Kieckhefer Group LLC acquired a new position in Royal Bank of Canada in the fourth quarter valued at $36,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Down 0.3 %

Shares of NYSE:RY opened at $113.84 on Friday. The company has a 50 day moving average of $117.95 and a two-hundred day moving average of $121.33. Royal Bank of Canada has a 52-week low of $95.84 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 company has a market capitalization of $160.70 billion, a price-to-earnings ratio of 13.78, a price-to-earnings-growth ratio of 1.80 and a beta of 0.88.

Royal Bank of Canada Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Thursday, April 24th will be paid a dividend of $1.0251 per share. This represents a $4.10 annualized dividend and a yield of 3.60%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is 45.96%.

Wall Street Analyst Weigh In

RY has been the topic of a number of research reports. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. CIBC restated a “neutral” rating on shares of Royal Bank of Canada in a report on Wednesday, March 5th. StockNews.com raised shares of Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Finally, BMO Capital Markets decreased their price target on shares of 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. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Royal Bank of Canada currently has an average rating of “Moderate Buy” and an average target price of $156.50.

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.