Independent Solutions Wealth Management LLC Sells 935 Shares of Royal Bank of Canada (NYSE:RY)

Independent Solutions Wealth Management LLC cut its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 8.0% in the third quarter, Holdings Channel reports. The firm owned 10,722 shares of the financial services provider’s stock after selling 935 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Royal Bank of Canada were worth $1,337,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RY. PNC Financial Services Group Inc. raised its stake in Royal Bank of Canada by 6.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 84,045 shares of the financial services provider’s stock worth $10,483,000 after buying an additional 4,980 shares during the period. Legal & General Group Plc raised its position in shares of Royal Bank of Canada by 1.8% during the second quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock worth $1,118,150,000 after purchasing an additional 190,341 shares during the period. Creative Planning grew its position in shares of Royal Bank of Canada by 6.4% in the 3rd quarter. Creative Planning now owns 211,411 shares of the financial services provider’s stock valued at $26,369,000 after purchasing an additional 12,693 shares during the period. CIBC Asset Management Inc grew its position in shares of Royal Bank of Canada by 0.9% in the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock valued at $1,706,833,000 after purchasing an additional 124,348 shares during the period. Finally, Algert Global LLC acquired a new position in shares of Royal Bank of Canada in the third quarter valued at approximately $706,000. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Price Performance

NYSE:RY traded up $0.47 during trading hours on Thursday, hitting $120.31. The company’s stock had a trading volume of 369,381 shares, compared to its average volume of 1,075,772. The stock has a fifty day simple moving average of $124.10 and a 200-day simple moving average of $117.14. Royal Bank of Canada has a twelve month low of $93.97 and a twelve month high of $128.05. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.86 and a quick ratio of 0.86. The company has a market capitalization of $170.08 billion, a P/E ratio of 14.57, a PEG ratio of 1.86 and a beta of 0.86.

Royal Bank of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, January 27th will be given a $1.0522 dividend. The ex-dividend date of this dividend is Monday, January 27th. This represents a $4.21 dividend on an annualized basis and a yield of 3.50%. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.03. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 52.91%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. TD Securities lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. BMO Capital Markets cut 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 research report on Thursday, December 5th. Finally, Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $156.50.

About Royal Bank of Canada

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.