Royal Bank Of Canada $RY Shares Bought by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. increased its holdings in Royal Bank of Canada by 23.5%, acquiring an additional 207,054 shares during the first quarter, bringing its total ownership to approximately 1,088,688 shares.
• Royal Bank of Canada reported $2.79 earnings per share for the quarter, exceeding analysts' estimates by $0.43, with quarterly revenue of $12.26 billion, up 16.1% year-over-year.
• The stock has received an overall consensus rating of "Moderate Buy" from analysts, with a target price set at $177.50.

Alliancebernstein L.P. grew its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 23.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,088,688 shares of the financial services provider's stock after buying an additional 207,054 shares during the quarter. Alliancebernstein L.P. owned 0.08% of Royal Bank Of Canada worth $122,717,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Park Square Financial Group LLC purchased a new stake in shares of Royal Bank Of Canada in the 4th quarter worth $25,000. Sunbelt Securities Inc. boosted its position in Royal Bank Of Canada by 2,272.7% during the 1st quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 250 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Royal Bank Of Canada during the 1st quarter valued at $32,000. Cullen Frost Bankers Inc. boosted its position in Royal Bank Of Canada by 295.4% during the 1st quarter. Cullen Frost Bankers Inc. now owns 344 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 257 shares in the last quarter. Finally, AdvisorNet Financial Inc boosted its position in Royal Bank Of Canada by 93.7% during the 1st quarter. AdvisorNet Financial Inc now owns 368 shares of the financial services provider's stock valued at $41,000 after acquiring an additional 178 shares in the last quarter. 45.31% of the stock is currently owned by hedge funds and other institutional investors.

Royal Bank Of Canada Stock Performance

Shares of NYSE RY traded down $1.24 during trading on Friday, reaching $144.58. 974,951 shares of the company traded hands, compared to its average volume of 1,062,244. The firm's fifty day simple moving average is $134.93 and its 200 day simple moving average is $125.04. The stock has a market cap of $203.16 billion, a P/E ratio of 15.27, a PEG ratio of 1.48 and a beta of 0.88. Royal Bank Of Canada has a 12-month low of $106.10 and a 12-month high of $147.64. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11.

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

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Scotiabank reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research report on Thursday, August 28th. Wall Street Zen upgraded Royal Bank Of Canada from a "sell" rating to a "hold" rating in a report on Saturday, August 30th. Cibc World Mkts lowered Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a research report on Friday. Cowen reaffirmed a "hold" rating on shares of Royal Bank Of Canada in a research report on Thursday, August 28th. Finally, CIBC lowered Royal Bank Of Canada from a "sector outperform" rating to a "neutral" rating in a research report on Friday. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Royal Bank Of Canada presently has a consensus rating of "Hold" and a consensus price target of $177.50.

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.