Cigna Investments Inc. New Sells 235 Shares of Royal Bank of Canada (NYSE:RY)

Cigna Investments Inc. New cut its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.9% in the fourth quarter, Holdings Channel reports. The fund owned 26,190 shares of the financial services provider’s stock after selling 235 shares during the period. Royal Bank of Canada comprises approximately 0.6% of Cigna Investments Inc. New’s holdings, making the stock its 27th biggest position. Cigna Investments Inc. New’s holdings in Royal Bank of Canada were worth $3,156,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Savant Capital LLC grew its position in shares of Royal Bank of Canada by 13.3% during the 4th quarter. Savant Capital LLC now owns 7,550 shares of the financial services provider’s stock worth $910,000 after buying an additional 886 shares during the period. Wagner Wealth Management LLC increased its position in shares of Royal Bank of Canada by 9.0% during the 4th quarter. Wagner Wealth Management LLC now owns 6,284 shares of the financial services provider’s stock worth $757,000 after purchasing an additional 521 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Royal Bank of Canada during the 4th quarter worth approximately $70,000. Stephens Inc. AR increased its position in shares of Royal Bank of Canada by 6.4% during the 4th quarter. Stephens Inc. AR now owns 10,268 shares of the financial services provider’s stock worth $1,237,000 after purchasing an additional 616 shares during the last quarter. Finally, Entropy Technologies LP increased its holdings in shares of Royal Bank of Canada by 96.5% during the 4th quarter. Entropy Technologies LP now owns 12,972 shares of the financial services provider’s stock worth $1,563,000 after acquiring an additional 6,372 shares during the last quarter. 45.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RY. StockNews.com downgraded Royal Bank of Canada from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. Barclays raised Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. 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 note on Thursday, December 5th. Finally, TD Securities lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $156.50.

Royal Bank of Canada Price Performance

Royal Bank of Canada stock opened at $117.94 on Tuesday. 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 50-day simple moving average of $121.79 and a 200 day simple moving average of $120.59. Royal Bank of Canada has a 52 week low of $93.97 and a 52 week high of $128.05. The stock has a market cap of $166.81 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 1.78 and a beta of 0.87.

Royal Bank of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Stockholders of record on Monday, January 27th will be paid a $1.0522 dividend. This represents a $4.21 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date of this dividend is Monday, January 27th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. Royal Bank of Canada’s payout ratio is 49.76%.

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.