Cidel Asset Management Inc. Increases Position in Royal Bank Of Canada $RY

Key Points

• Cidel Asset Management Inc. increased its holdings in Royal Bank Of Canada by 1.7%, owning 586,633 shares worth approximately $77.16 million, making it the second largest position in their investment portfolio.
• Various institutional investors, including Goldman Sachs and Vanguard Group, have significantly increased their stakes in Royal Bank Of Canada, reflecting growing confidence in the financial services provider.
• Royal Bank Of Canada reported earnings of $2.79 per share, exceeding analysts' expectations, with a revenue of $12.26 billion for the latest quarter, indicating strong growth compared to the previous year.

Cidel Asset Management Inc. lifted its holdings in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 1.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 586,633 shares of the financial services provider's stock after purchasing an additional 9,893 shares during the quarter. Royal Bank Of Canada accounts for approximately 4.6% of Cidel Asset Management Inc.'s investment portfolio, making the stock its 2nd biggest holding. Cidel Asset Management Inc.'s holdings in Royal Bank Of Canada were worth $77,159,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its holdings in shares of Royal Bank Of Canada by 129.9% in the first quarter. Goldman Sachs Group Inc. now owns 7,063,761 shares of the financial services provider's stock valued at $796,227,000 after purchasing an additional 3,990,839 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Royal Bank Of Canada by 5.7% in the first quarter. Vanguard Group Inc. now owns 62,571,520 shares of the financial services provider's stock valued at $7,048,307,000 after purchasing an additional 3,387,971 shares during the last quarter. Canada Pension Plan Investment Board increased its holdings in shares of Royal Bank Of Canada by 104.6% in the first quarter. Canada Pension Plan Investment Board now owns 6,346,768 shares of the financial services provider's stock valued at $715,043,000 after purchasing an additional 3,244,266 shares during the last quarter. Bank of Nova Scotia increased its holdings in shares of Royal Bank Of Canada by 8.0% in 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 during the last quarter. Finally, Nuveen LLC acquired a new position in shares of Royal Bank Of Canada in the first quarter valued at $114,327,000. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RY has been the topic of several research reports. Argus upped their price target on shares of Royal Bank Of Canada from $140.00 to $162.00 and gave the company a "buy" rating in a research note on Friday, August 29th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Royal Bank Of Canada in a research report on Thursday, August 28th. Wall Street Zen cut shares of Royal Bank Of Canada from a "hold" rating to a "sell" rating in a research report on Saturday, October 11th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Royal Bank Of Canada in a research report on Wednesday, October 8th. Finally, Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a research report on Thursday, August 14th. Six analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $177.50.

Royal Bank Of Canada Stock Performance

Royal Bank Of Canada stock opened at $145.81 on Friday. The business has a 50 day moving average of $143.53 and a 200-day moving average of $131.55. Royal Bank Of Canada has a 1 year low of $106.10 and a 1 year high of $149.26. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $204.91 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.46 and a beta of 0.86.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its earnings results on Wednesday, August 27th. The financial services provider reported $2.79 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.43. The business had revenue of $12.26 billion during the quarter, compared to the consensus estimate of $16.03 billion. Royal Bank Of Canada had a net margin of 14.03% and a return on equity of 16.12%. The company's revenue for the quarter 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. On average, equities research analysts predict that Royal Bank Of Canada will post 9.16 earnings per share for the current year.

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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