Modern Wealth Management LLC Purchases Shares of 2,647 Royal Bank Of Canada $RY

Key Points

• Modern Wealth Management LLC has acquired 2,647 shares of Royal Bank of Canada (RY), valued at approximately $298,000, during the first quarter.
• Royal Bank of Canada reported an EPS of $2.79 for the last quarter, exceeding analysts' expectations of $2.36, with a year-over-year revenue increase of 16.1%.
• Currently, 45.31% of Royal Bank of Canada's stock is owned by institutional investors, with various hedge funds recently adjusting their positions in RY.

Modern Wealth Management LLC acquired a new stake in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,647 shares of the financial services provider's stock, valued at approximately $298,000.

A number of other hedge funds have also made changes to their positions in RY. Park Square Financial Group LLC acquired a new position in shares of Royal Bank Of Canada during the fourth quarter valued at approximately $25,000. Sunbelt Securities Inc. increased its stake in shares of Royal Bank Of Canada by 2,272.7% during the first 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 during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Royal Bank Of Canada during the first quarter valued at approximately $32,000. Cullen Frost Bankers Inc. increased its stake in shares of Royal Bank Of Canada by 295.4% during the first 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 during the period. Finally, AdvisorNet Financial Inc increased its stake in shares of Royal Bank Of Canada by 93.7% during the first 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 during the period. Institutional investors and hedge funds own 45.31% of the company's stock.

Royal Bank Of Canada Trading Up 0.8%

Royal Bank Of Canada stock opened at $145.36 on Tuesday. The company has a 50 day moving average price of $136.46 and a 200 day moving average price of $126.18. Royal Bank Of Canada has a 52 week low of $106.10 and a 52 week high of $147.64. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $204.26 billion, a price-to-earnings ratio of 15.35, a P/E/G ratio of 1.48 and a beta of 0.88.

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RY. Wall Street Zen upgraded shares of Royal Bank Of Canada from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. Cowen restated a "hold" rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. BMO Capital Markets restated an "outperform" rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. Cibc World Mkts cut shares of Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a report on Friday, September 5th. Finally, Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. Four equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target 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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