William Blair Investment Management LLC Invests $70.43 Million in Royal Bank of Canada (NYSE:RY)

William Blair Investment Management LLC bought a new position in Royal Bank of Canada (NYSE:RY) (TSE:RY) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 584,867 shares of the financial services provider’s stock, valued at approximately $70,429,000.

Other hedge funds have also modified their holdings of the company. FMR LLC grew its position in Royal Bank of Canada by 75.8% during the 3rd quarter. FMR LLC now owns 17,866,021 shares of the financial services provider’s stock worth $2,229,834,000 after acquiring an additional 7,702,585 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in Royal Bank of Canada by 165.1% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,896,755 shares of the financial services provider’s stock worth $361,532,000 after acquiring an additional 1,804,022 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Royal Bank of Canada by 9.0% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,112,451 shares of the financial services provider’s stock worth $1,338,156,000 after acquiring an additional 921,276 shares during the last quarter. Geode Capital Management LLC grew its position in Royal Bank of Canada by 9.3% during the 3rd quarter. Geode Capital Management LLC now owns 6,390,914 shares of the financial services provider’s stock worth $805,616,000 after acquiring an additional 541,760 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Royal Bank of Canada during the 4th quarter worth approximately $60,034,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank of Canada Stock Up 1.1 %

NYSE:RY opened at $112.66 on Tuesday. Royal Bank of Canada has a 12-month low of $95.84 and a 12-month 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 firm has a market capitalization of $159.04 billion, a P/E ratio of 13.64, a P/E/G ratio of 1.80 and a beta of 0.88. The stock’s fifty day simple moving average is $118.44 and its 200-day simple moving average is $121.49.

Royal Bank of Canada Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Thursday, April 24th will be given a $1.0251 dividend. The ex-dividend date is Thursday, April 24th. This represents a $4.10 annualized dividend and a dividend yield of 3.64%. Royal Bank of Canada’s dividend payout ratio is currently 45.96%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on RY shares. CIBC restated a “neutral” rating on shares of Royal Bank of Canada in a research report on Wednesday, March 5th. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. BMO Capital Markets decreased their price objective on Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a research report on Thursday, December 5th. Finally, StockNews.com upgraded Royal Bank of Canada from a “sell” rating to a “hold” rating in a research report on Friday, February 28th. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently 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.