Cutler Investment Counsel LLC Has $293,000 Stock Position in Royal Bank of Canada (NYSE:RY)

Cutler Investment Counsel LLC trimmed its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 17.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,346 shares of the financial services provider’s stock after selling 491 shares during the period. Cutler Investment Counsel LLC’s holdings in Royal Bank of Canada were worth $293,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Capital Performance Advisors LLP acquired a new position in Royal Bank of Canada during the 3rd quarter valued at about $25,000. Ridgewood Investments LLC purchased a new stake in Royal Bank of Canada in the 2nd quarter valued at $27,000. Grove Bank & Trust purchased a new position in Royal Bank of Canada during the 3rd quarter worth $28,000. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Royal Bank of Canada by 110.3% during 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 purchasing an additional 118 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Royal Bank of Canada during the second quarter worth about $33,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RY has been the subject of a number of research analyst reports. StockNews.com downgraded shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Saturday, July 20th. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Friday. Finally, BMO Capital Markets increased their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $142.50.

Royal Bank of Canada Price Performance

NYSE:RY traded down $0.92 during trading hours on Friday, hitting $121.47. 1,969,208 shares of the company’s stock traded hands, compared to its average volume of 1,096,290. The firm has a market cap of $171.72 billion, a P/E ratio of 14.69, a P/E/G ratio of 1.89 and a beta of 0.86. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. The business’s fifty day simple moving average is $123.37 and its two-hundred day simple moving average is $113.72. Royal Bank of Canada has a 52 week low of $85.02 and a 52 week high of $126.96.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings data on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The company had revenue of $10.68 billion for the quarter, compared to analysts’ expectations of $10.40 billion. On average, research analysts anticipate that Royal Bank of Canada will post 8.88 earnings per share for the current fiscal year.

Royal Bank of Canada Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, October 24th will be given a dividend of $1.028 per share. This represents a $4.11 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 50.79%.

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.