Royal Bank Of Canada $RY Shares Purchased by Cardinal Point Capital Management ULC

Key Points

• Cardinal Point Capital Management ULC increased its holdings in Royal Bank of Canada by 73.5% during the second quarter, owning 203,319 shares valued at approximately $26.75 million.
• Royal Bank of Canada reported $2.79 earnings per share for the latest quarter, exceeding the consensus estimate by $0.43, with year-over-year revenue growth of 16.1%.
• Analysts have recently upgraded their target prices for Royal Bank of Canada, with Argus raising it from $140.00 to $162.00 and an average target price of $177.50 among several analysts rating the stock.

Cardinal Point Capital Management ULC increased its holdings in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 73.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 203,319 shares of the financial services provider's stock after acquiring an additional 86,102 shares during the quarter. Royal Bank Of Canada comprises 2.1% of Cardinal Point Capital Management ULC's investment portfolio, making the stock its 11th biggest position. Cardinal Point Capital Management ULC's holdings in Royal Bank Of Canada were worth $26,746,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RY. Brighton Jones LLC boosted its holdings in Royal Bank Of Canada by 33.1% in the 4th quarter. Brighton Jones LLC now owns 2,313 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 575 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Royal Bank Of Canada by 0.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 33,415 shares of the financial services provider's stock valued at $3,766,000 after purchasing an additional 226 shares during the last quarter. Value Partners Investments Inc. boosted its holdings in Royal Bank Of Canada by 574.8% in the 1st quarter. Value Partners Investments Inc. now owns 323,135 shares of the financial services provider's stock valued at $36,436,000 after purchasing an additional 275,251 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Royal Bank Of Canada by 4.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 15,808 shares of the financial services provider's stock valued at $1,782,000 after purchasing an additional 618 shares during the last quarter. Finally, PDS Planning Inc boosted its holdings in Royal Bank Of Canada by 12.1% in the 1st quarter. PDS Planning Inc now owns 4,578 shares of the financial services provider's stock valued at $516,000 after purchasing an additional 494 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors and hedge funds.

Royal Bank Of Canada Price Performance

Shares of RY opened at $147.49 on Friday. Royal Bank Of Canada has a fifty-two week low of $106.10 and a fifty-two week high of $149.26. The firm's 50 day moving average price is $144.48 and its 200 day moving average price is $132.38. The company has a market cap of $207.27 billion, a P/E ratio of 15.57, a PEG ratio of 1.47 and a beta of 0.86. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last announced its earnings results on Wednesday, August 27th. The financial services provider reported $2.79 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $16.03 billion. During the same period in the prior year, the firm earned $3.26 EPS. The firm's revenue for the quarter was up 16.1% on a year-over-year basis. On average, research analysts forecast that Royal Bank Of Canada will post 9.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RY has been the topic of several recent analyst reports. Argus boosted their target price on shares of Royal Bank Of Canada from $140.00 to $162.00 and gave the company a "buy" rating in a report on Friday, August 29th. Cowen reiterated a "hold" rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. CIBC lowered shares of Royal Bank Of Canada from a "sector outperform" rating to a "neutral" rating in a report on Friday, September 5th. Erste Group Bank raised shares of Royal Bank Of Canada from a "hold" rating to a "buy" rating in a research note on Monday, September 22nd. Finally, Zacks Research raised shares of Royal Bank Of Canada from a "hold" rating to a "strong-buy" rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $177.50.

Royal Bank Of Canada 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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