Nexus Investment Management Inc. Raises Stake in Royal Bank of Canada (RY)
Nexus Investment Management Inc. lifted its holdings in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by 0.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 475,829 shares of the financial services provider’s stock after purchasing an additional 3,035 shares during the quarter. Royal Bank of Canada comprises approximately 5.8% of Nexus Investment Management Inc.’s holdings, making the stock its 2nd biggest position. Nexus Investment Management Inc.’s holdings in Royal Bank of Canada were worth $39,020,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Quadrant Capital Group LLC boosted its stake in shares of Royal Bank of Canada by 4.0% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,709 shares of the financial services provider’s stock worth $102,000 after acquiring an additional 65 shares during the period. Fieldpoint Private Securities LLC bought a new stake in Royal Bank of Canada in the 3rd quarter valued at $153,000. Mckinley Capital Management LLC Delaware bought a new stake in Royal Bank of Canada in the 2nd quarter valued at $191,000. Asset Advisors Corp bought a new stake in Royal Bank of Canada in the 3rd quarter valued at $178,000. Finally, Holderness Investments Co. bought a new stake in Royal Bank of Canada in the 3rd quarter valued at $203,000. Institutional investors own 40.63% of the company’s stock.
Several analysts recently issued reports on the company. Argus boosted their price target on Royal Bank of Canada to $94.00 and gave the company a “buy” rating in a research note on Friday, January 5th. They noted that the move was a valuation call. Zacks Investment Research downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a research note on Wednesday, October 25th. Macquarie assumed coverage on Royal Bank of Canada in a research note on Tuesday, October 24th. They issued an “underperform” rating for the company. Scotiabank restated a “hold” rating and issued a $101.00 price target on shares of Royal Bank of Canada in a research note on Wednesday, November 22nd. Finally, BMO Capital Markets restated a “hold” rating and issued a $102.00 price target on shares of Royal Bank of Canada in a research note on Wednesday, November 29th. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. Royal Bank of Canada currently has an average rating of “Hold” and an average price target of $97.00.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Thursday, January 25th will be issued a $0.7157 dividend. The ex-dividend date is Wednesday, January 24th. This represents a $2.86 annualized dividend and a yield of 3.41%. Royal Bank of Canada’s dividend payout ratio is presently 47.67%.
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About Royal Bank of Canada
Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
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