BlackRock Inc. Makes New $303.75 Million Investment in Royal Bank Of Canada $RY

Key Points

• BlackRock acquired 1.47 million shares of Royal Bank of Canada in the second quarter, valued at approximately $303.75 million and representing about 0.11% of the bank.
• Royal Bank of Canada reported quarterly EPS of $2.84, beating estimates of $2.81, while revenue rose 11.4% year over year to $12.84 billion.
• Analysts maintain a generally positive view, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $225, versus a recent price of $207.52.

BlackRock Inc. bought a new position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,467,611 shares of the financial services provider's stock, valued at approximately $303,751,000. BlackRock Inc. owned about 0.11% of Royal Bank Of Canada at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Harvest Fund Management Co. Ltd acquired a new position in Royal Bank Of Canada during the 4th quarter worth approximately $25,000. Key Financial Inc boosted its position in Royal Bank Of Canada by 63.0% in the first quarter. Key Financial Inc now owns 163 shares of the financial services provider's stock valued at $26,000 after buying an additional 63 shares in the last quarter. Johnson Financial Group Inc. bought a new stake in shares of Royal Bank Of Canada during the third quarter worth $27,000. Maseco LLP grew its stake in shares of Royal Bank Of Canada by 355.0% during the first quarter. Maseco LLP now owns 182 shares of the financial services provider's stock worth $29,000 after buying an additional 142 shares during the last quarter. Finally, Bell Investment Advisors Inc acquired a new position in shares of Royal Bank Of Canada during the second quarter worth $32,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank Of Canada Price Performance

Shares of NYSE:RY opened at $207.52 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.82 and a current ratio of 0.82. Royal Bank Of Canada has a 52 week low of $141.37 and a 52 week high of $218.57. The firm has a market cap of $287.75 billion, a PE ratio of 18.65, a price-to-earnings-growth ratio of 1.56 and a beta of 0.80. The firm's fifty day moving average is $208.92 and its 200-day moving average is $187.56.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The business had revenue of $12.84 billion during the quarter, compared to analyst estimates of $12.74 billion. During the same period last year, the company earned $3.12 EPS. Royal Bank Of Canada's revenue for the quarter was up 11.4% compared to the same quarter last year. Sell-side analysts predict that Royal Bank Of Canada will post 11.59 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on RY. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Royal Bank Of Canada in a report on Wednesday, August 19th. TD Securities reiterated a "buy" rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. Barclays reiterated an "overweight" rating on shares of Royal Bank Of Canada in a research report on Friday, August 21st. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Finally, Argus set a $225.00 price target on Royal Bank Of Canada in a report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Royal Bank Of Canada has an average rating of "Moderate Buy" and an average target price of $225.00.

About Royal Bank Of Canada

Royal Bank of Canada NYSE: RY is a diversified financial services company and one of Canada's largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.

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