Royal Bank Of Canada $RY Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. has reduced its holdings in Royal Bank Of Canada by 31.6%, selling 20,551 shares, resulting in ownership of 44,549 shares valued at approximately $5.86 million.
• Royal Bank Of Canada reported earnings of $2.79 per share for the recent quarter, surpassing the analyst consensus of $2.36, but had revenue of $12.26 billion, falling short of the estimated $16.03 billion.
• Brokerage firm Argus upgraded its price target for Royal Bank Of Canada from $140 to $162 and maintains a "buy" rating, whereas National Bank Financial downgraded its rating from "outperform" to "sector perform."

Assenagon Asset Management S.A. reduced its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 31.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 44,549 shares of the financial services provider's stock after selling 20,551 shares during the period. Assenagon Asset Management S.A.'s holdings in Royal Bank Of Canada were worth $5,859,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Campbell & CO Investment Adviser LLC raised its position in shares of Royal Bank Of Canada by 1,187.6% during the 1st quarter. Campbell & CO Investment Adviser LLC now owns 25,740 shares of the financial services provider's stock valued at $2,901,000 after acquiring an additional 23,741 shares in the last quarter. Baskin Financial Services Inc. grew its stake in Royal Bank Of Canada by 5.0% during the 1st quarter. Baskin Financial Services Inc. now owns 62,855 shares of the financial services provider's stock worth $7,079,000 after buying an additional 3,006 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in Royal Bank Of Canada by 1.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 341,776 shares of the financial services provider's stock worth $38,525,000 after buying an additional 3,767 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Royal Bank Of Canada by 4.4% during the 1st quarter. JPMorgan Chase & Co. now owns 6,458,212 shares of the financial services provider's stock worth $727,970,000 after buying an additional 271,531 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in Royal Bank Of Canada by 4.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 86,847 shares of the financial services provider's stock worth $9,789,000 after buying an additional 3,358 shares during the last quarter. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank Of Canada Trading Down 0.4%

Shares of Royal Bank Of Canada stock opened at $148.07 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.11. The firm has a market cap of $208.09 billion, a price-to-earnings ratio of 15.64, a price-to-earnings-growth ratio of 1.52 and a beta of 0.88. The business has a fifty day simple moving average of $138.28 and a 200-day simple moving average of $127.45. Royal Bank Of Canada has a fifty-two week low of $106.10 and a fifty-two week high of $149.26.

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

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RY. Argus upped their price objective on Royal Bank Of Canada from $140.00 to $162.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a research note on Thursday, August 14th. National Bank Financial cut Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a research note on Friday, May 30th. Cibc World Mkts cut Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 5th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Royal Bank Of Canada in a research note on Thursday, August 28th. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Royal Bank Of Canada has an average rating of "Hold" and an average price target of $177.50.

About Royal Bank Of Canada

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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