Cardinal Capital Management Inc. Trims Position in Royal Bank Of Canada $RY

Key Points

• Cardinal Capital Management Inc. reduced its stake in the Royal Bank Of Canada by 0.4%, owning approximately 916,245 shares valued at $120.7 million as of the end of the second quarter.
• Royal Bank Of Canada reported an earnings per share (EPS) of $2.79 for the most recent quarter, exceeding analysts' expectations of $2.36.
• Analyst ratings for Royal Bank Of Canada show a mix of buy and hold ratings, with an average target price of $177.50.

Cardinal Capital Management Inc. lessened its position in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 0.4% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 916,245 shares of the financial services provider's stock after selling 3,221 shares during the period. Royal Bank Of Canada makes up 3.8% of Cardinal Capital Management Inc.'s portfolio, making the stock its 9th biggest position. Cardinal Capital Management Inc. owned approximately 0.06% of Royal Bank Of Canada worth $120,713,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its stake in Royal Bank Of Canada by 5.7% during the 1st quarter. Vanguard Group Inc. now owns 62,571,520 shares of the financial services provider's stock valued at $7,048,307,000 after buying an additional 3,387,971 shares during the period. TD Asset Management Inc increased its position in shares of Royal Bank Of Canada by 0.9% in the first quarter. TD Asset Management Inc now owns 31,515,404 shares of the financial services provider's stock worth $3,549,520,000 after acquiring an additional 277,466 shares in the last quarter. Bank of Nova Scotia grew its position in Royal Bank Of Canada by 8.0% during the first quarter. Bank of Nova Scotia now owns 16,802,214 shares of the financial services provider's stock valued at $1,892,975,000 after purchasing an additional 1,249,589 shares in the last quarter. Federation des caisses Desjardins du Quebec lifted its stake in Royal Bank Of Canada by 3.4% in the first quarter. Federation des caisses Desjardins du Quebec now owns 12,656,362 shares of the financial services provider's stock valued at $1,423,464,000 after acquiring an additional 420,466 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Royal Bank Of Canada by 2.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,431,721 shares of the financial services provider's stock worth $1,287,927,000 after buying an additional 319,270 shares during the last quarter. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank Of Canada Stock Up 0.8%

RY stock opened at $147.38 on Friday. The stock has a fifty day moving average of $137.59 and a 200-day moving average of $126.90. The company has a market capitalization of $207.12 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 1.50 and a beta of 0.88. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. Royal Bank Of Canada has a fifty-two week low of $106.10 and a fifty-two week high of $147.64.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last issued its quarterly earnings data on Wednesday, August 27th. The financial services provider reported $2.79 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.43. The business had revenue of $12.26 billion for 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%.The firm's quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.26 EPS. As a group, equities research analysts predict that Royal Bank Of Canada will post 9.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Scotiabank reissued an "outperform" rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. Wall Street Zen raised Royal Bank Of Canada from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a research note on Thursday, August 14th. Cibc World Mkts downgraded Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a report on Friday, September 5th. Finally, Argus lifted their target price on Royal Bank Of Canada from $140.00 to $162.00 and gave the stock a "buy" rating in a report on Friday, August 29th. Four analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Royal Bank Of Canada has an average rating of "Hold" and an average target price 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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