Addenda Capital Inc. Has $90 Million Stake in Royal Bank Of Canada $RY

Key Points

• Addenda Capital Inc. reduced its stake in Royal Bank Of Canada by 2.2% in Q2, now holding approximately $90 million worth of shares, making it the company's second largest holding.
• Royal Bank Of Canada reported earnings of $2.79 per share in its most recent quarter, exceeding analysts' expectations of $2.36, while also showing a year-over-year revenue growth of 16.1% despite revenue falling short of projections.
• Market sentiment around Royal Bank Of Canada appears positive, with several analysts upgrading their ratings, resulting in a consensus price target of $177.50 for the stock.

Addenda Capital Inc. decreased its holdings in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 2.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 684,139 shares of the financial services provider's stock after selling 15,734 shares during the period. Royal Bank Of Canada accounts for about 4.0% of Addenda Capital Inc.'s holdings, making the stock its 2nd largest holding. Addenda Capital Inc.'s holdings in Royal Bank Of Canada were worth $89,998,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Wagner Wealth Management LLC grew its stake in shares of Royal Bank Of Canada by 8.2% in the 2nd quarter. Wagner Wealth Management LLC now owns 6,948 shares of the financial services provider's stock worth $914,000 after buying an additional 527 shares during the last quarter. CogentBlue Wealth Advisors LLC boosted its stake in shares of Royal Bank Of Canada by 33.8% in the 2nd quarter. CogentBlue Wealth Advisors LLC now owns 3,340 shares of the financial services provider's stock worth $439,000 after buying an additional 844 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Royal Bank Of Canada by 7.7% in the 2nd quarter. Signaturefd LLC now owns 28,319 shares of the financial services provider's stock worth $3,725,000 after buying an additional 2,020 shares during the last quarter. Old Port Advisors boosted its stake in shares of Royal Bank Of Canada by 4.9% in the 2nd quarter. Old Port Advisors now owns 18,664 shares of the financial services provider's stock worth $2,455,000 after buying an additional 879 shares during the last quarter. Finally, Kathmere Capital Management LLC boosted its stake in shares of Royal Bank Of Canada by 21.3% in the 2nd quarter. Kathmere Capital Management LLC now owns 5,474 shares of the financial services provider's stock worth $720,000 after buying an additional 960 shares during the last quarter. Institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Price Performance

NYSE:RY opened at $146.05 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11. The business's 50-day simple moving average is $139.11 and its two-hundred day simple moving average is $128.18. The stock has a market cap of $205.25 billion, a PE ratio of 15.42, a P/E/G ratio of 1.50 and a beta of 0.88. Royal Bank Of Canada has a 52 week low of $106.10 and a 52 week high of $149.26.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly earnings results on Wednesday, August 27th. The financial services provider reported $2.79 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.43. Royal Bank Of Canada had a return on equity of 16.12% and a net margin of 14.03%.The business had revenue of $12.26 billion for the quarter, compared to analysts' expectations of $16.03 billion. During the same period last year, the firm earned $3.26 earnings per share. The business's quarterly revenue was up 16.1% on a year-over-year basis. As a group, analysts forecast that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RY. Erste Group Bank upgraded Royal Bank Of Canada from a "hold" rating to a "buy" rating in a research note on Monday, September 22nd. National Bankshares reiterated a "sector perform" rating on shares of Royal Bank Of Canada in a research report on Friday, August 15th. Cowen reiterated a "hold" rating on shares of Royal Bank Of Canada in a research report on Thursday, August 28th. Argus lifted their target price on Royal Bank Of Canada from $140.00 to $162.00 and gave the company a "buy" rating in a research report on Friday, August 29th. Finally, Scotiabank reiterated an "outperform" rating on shares of Royal Bank Of Canada in a research report on Thursday, August 28th. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $177.50.

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.

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