Miller Howard Investments Inc. NY Sells 6,377 Shares of Royal Bank of Canada (NYSE:RY)

Miller Howard Investments Inc. NY lowered its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 1.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 489,310 shares of the financial services provider’s stock after selling 6,377 shares during the quarter. Royal Bank of Canada makes up 1.9% of Miller Howard Investments Inc. NY’s holdings, making the stock its 19th biggest position. Miller Howard Investments Inc. NY’s holdings in Royal Bank of Canada were worth $58,967,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. AQR Capital Management LLC bought a new stake in Royal Bank of Canada in the second quarter worth about $453,000. Contravisory Investment Management Inc. bought a new stake in shares of Royal Bank of Canada during the 3rd quarter worth approximately $230,000. Fiduciary Financial Group LLC boosted its holdings in Royal Bank of Canada by 7.2% during the 3rd quarter. Fiduciary Financial Group LLC now owns 2,076 shares of the financial services provider’s stock valued at $253,000 after acquiring an additional 140 shares during the period. Ritholtz Wealth Management grew its position in Royal Bank of Canada by 10.1% in the 3rd quarter. Ritholtz Wealth Management now owns 36,529 shares of the financial services provider’s stock valued at $4,556,000 after acquiring an additional 3,346 shares during the last quarter. Finally, Muirfield Wealth Advisors LLC increased its stake in Royal Bank of Canada by 0.8% in the third quarter. Muirfield Wealth Advisors LLC now owns 16,563 shares of the financial services provider’s stock worth $2,066,000 after purchasing an additional 126 shares during the period. Hedge funds and other institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Performance

RY opened at $119.26 on Friday. The firm’s 50-day moving average price is $121.79 and its 200-day moving average price is $120.45. The company has a market cap of $168.68 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 1.78 and a beta of 0.87. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.11. Royal Bank of Canada has a 52-week low of $93.97 and a 52-week high of $128.05.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be issued a dividend of $1.0522 per share. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Monday, January 27th. This represents a $4.21 dividend on an annualized basis and a dividend yield of 3.53%. Royal Bank of Canada’s payout ratio is 49.76%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. BMO Capital Markets decreased their price objective on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating for the company in a report on Thursday, December 5th. Barclays raised Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. StockNews.com lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Wednesday, January 1st. Finally, TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average 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.