PCJ Investment Counsel Ltd. lowered its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 14.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,577,096 shares of the financial services provider’s stock after selling 265,729 shares during the quarter. Royal Bank of Canada comprises approximately 10.3% of PCJ Investment Counsel Ltd.’s investment portfolio, making the stock its biggest position. PCJ Investment Counsel Ltd. owned about 0.11% of Royal Bank of Canada worth $126,329,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. First Republic Investment Management Inc. lifted its stake in shares of Royal Bank of Canada by 10.4% in the 3rd quarter. First Republic Investment Management Inc. now owns 29,948 shares of the financial services provider’s stock valued at $2,401,000 after acquiring an additional 2,833 shares during the last quarter. Wedbush Securities Inc. lifted its stake in shares of Royal Bank of Canada by 10.4% in the 3rd quarter. Wedbush Securities Inc. now owns 13,261 shares of the financial services provider’s stock valued at $1,063,000 after acquiring an additional 1,248 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Royal Bank of Canada by 19.0% in the 3rd quarter. Renaissance Technologies LLC now owns 1,906,579 shares of the financial services provider’s stock valued at $152,881,000 after acquiring an additional 304,202 shares during the last quarter. Riverhead Capital Management LLC lifted its stake in shares of Royal Bank of Canada by 57.5% in the 3rd quarter. Riverhead Capital Management LLC now owns 24,045 shares of the financial services provider’s stock valued at $1,913,000 after acquiring an additional 8,780 shares during the last quarter. Finally, Bristol Gate Capital Partners Inc. bought a new position in shares of Royal Bank of Canada in the 3rd quarter valued at $267,000. 41.17% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have recently commented on RY. Zacks Investment Research cut Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Tuesday, August 14th. ValuEngine raised Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Canaccord Genuity reaffirmed a “hold” rating on shares of Royal Bank of Canada in a research report on Thursday, November 22nd. Argus lowered their target price on Royal Bank of Canada to $89.00 and set a “positive” rating for the company in a research report on Thursday, November 29th. They noted that the move was a valuation call. Finally, Scotiabank reaffirmed an “average” rating and set a $115.00 target price on shares of Royal Bank of Canada in a research report on Sunday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $96.00.

NYSE:RY traded down $1.44 during trading hours on Thursday, hitting $71.53. 39,783 shares of the company were exchanged, compared to its average volume of 715,664. The firm has a market cap of $105.15 billion, a P/E ratio of 10.94, a P/E/G ratio of 1.48 and a beta of 1.15. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.12. Royal Bank of Canada has a one year low of $69.99 and a one year high of $87.10.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its earnings results on Wednesday, November 28th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.61 by $0.10. The business had revenue of $10.67 billion during the quarter, compared to analyst estimates of $11.14 billion. Royal Bank of Canada had a return on equity of 18.09% and a net margin of 21.60%. Royal Bank of Canada’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period last year, the company earned $1.88 EPS. As a group, equities research analysts expect that Royal Bank of Canada will post 6.78 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 22nd. Investors of record on Thursday, January 24th will be given a dividend of $0.745 per share. This represents a $2.98 annualized dividend and a yield of 4.17%. The ex-dividend date is Wednesday, January 23rd. Royal Bank of Canada’s dividend payout ratio is currently 46.55%.

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About Royal Bank of Canada

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

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Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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