Hennessy Advisors Inc. Has $5.98 Million Stock Position in Royal Bank of Canada (NYSE:RY)

Hennessy Advisors Inc. lessened its stake in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 3.5% in the fourth quarter, Holdings Channel reports. The firm owned 49,600 shares of the financial services provider’s stock after selling 1,800 shares during the quarter. Hennessy Advisors Inc.’s holdings in Royal Bank of Canada were worth $5,977,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Performance Advisors LLP bought a new position in Royal Bank of Canada in the 3rd quarter valued at about $25,000. Dunhill Financial LLC acquired a new stake in shares of Royal Bank of Canada during the 3rd quarter worth approximately $25,000. Larson Financial Group LLC bought a new position in Royal Bank of Canada in the third quarter valued at approximately $26,000. Whittier Trust Co. of Nevada Inc. increased its stake in Royal Bank of Canada by 110.3% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 225 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 118 shares during the last quarter. Finally, Grove Bank & Trust acquired a new position in Royal Bank of Canada during the third quarter valued at approximately $28,000. Institutional investors own 45.31% of the company’s stock.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at $120.46 on Friday. The firm has a market capitalization of $170.38 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 1.77 and a beta of 0.87. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.11. The business’s 50-day moving average price is $122.66 and its 200-day moving average price is $119.21. Royal Bank of Canada has a 12 month low of $93.97 and a 12 month high of $128.05.

Royal Bank of Canada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, February 24th. Investors of record on Monday, January 27th will be given a dividend of $1.0522 per share. The ex-dividend date is Monday, January 27th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.03. This represents a $4.21 annualized dividend and a yield of 3.49%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 49.76%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. StockNews.com lowered Royal Bank of Canada from a “hold” rating to a “sell” rating in a research note on Wednesday, January 1st. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Barclays raised shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a report on Thursday, November 21st. Finally, BMO Capital Markets decreased their price target on shares of Royal Bank of Canada from $195.00 to $193.00 and set an “outperform” rating on the stock in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Royal Bank of Canada presently has an average rating of “Moderate Buy” and a consensus 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.