Canada Pension Plan Investment Board Takes $2.28 Billion Position in Royal Bank Of Canada $RY

Key Points

• Canada Pension Plan Investment Board acquired 11.0 million Royal Bank of Canada shares worth approximately $2.28 billion, making RY about 1.3% of its portfolio and its 14th-largest holding.
• Institutional ownership stands at 45.31%, with several other major investors—including Legal & General and Manulife—also initiating substantial positions during the second quarter.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $225. Royal Bank of Canada recently beat quarterly earnings and revenue estimates, while shares traded near $207.24.

Canada Pension Plan Investment Board acquired a new position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 11,001,378 shares of the financial services provider's stock, valued at approximately $2,275,797,000. Royal Bank Of Canada comprises approximately 1.3% of Canada Pension Plan Investment Board's investment portfolio, making the stock its 14th largest holding. Canada Pension Plan Investment Board owned about 0.79% of Royal Bank Of Canada at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Legal & General Group Plc bought a new stake in Royal Bank Of Canada during the second quarter worth approximately $1,645,758,000. The Manufacturers Life Insurance Company bought a new position in shares of Royal Bank Of Canada in the second quarter valued at $2,296,717,000. Jones Financial Companies Lllp acquired a new stake in shares of Royal Bank Of Canada during the 2nd quarter valued at $108,000. Peak Asset Management LLC acquired a new stake in shares of Royal Bank Of Canada during the 2nd quarter valued at $414,000. Finally, Cullen Capital Management LLC bought a new stake in shares of Royal Bank Of Canada during the 2nd quarter worth $251,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on RY shares. Canadian Imperial Bank of Commerce restated a "neutral" rating on shares of Royal Bank Of Canada in a report on Wednesday, August 19th. Weiss Ratings raised shares of Royal Bank Of Canada from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, July 29th. Scotiabank reissued an "outperform" rating on shares of Royal Bank Of Canada in a research report on Monday, June 1st. Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a research report on Friday. Finally, Raymond James Financial lowered shares of Royal Bank Of Canada from an "outperform" rating to a "market perform" rating in a research note on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Royal Bank Of Canada presently has a consensus rating of "Moderate Buy" and an average target price of $225.00.

Royal Bank Of Canada Trading Up 1.6%

Shares of NYSE RY opened at $207.24 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10. Royal Bank Of Canada has a one year low of $136.10 and a one year high of $218.57. The business has a 50-day moving average price of $208.79 and a two-hundred day moving average price of $187.29. The firm has a market capitalization of $287.36 billion, a PE ratio of 18.62, a PEG ratio of 1.53 and a beta of 0.80.

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

Royal Bank Of Canada Profile

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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