The Manufacturers Life Insurance Company Sells 3,199,465 Shares of Royal Bank Of Canada $RY

Key Points

• The Manufacturers Life Insurance Company reduced its stake in the Royal Bank of Canada by 27.9%, selling over 3.2 million shares during the first quarter.
• Several large investors, including Canada Pension Plan Investment Board, increased their holdings in the Royal Bank of Canada, with the latter boosting its stake by 104.6%.
• Analysts have mixed ratings on the stock, with an average consensus rating of "Moderate Buy" and a price target of $193.00.

The Manufacturers Life Insurance Company trimmed its position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 27.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,273,897 shares of the financial services provider's stock after selling 3,199,465 shares during the quarter. Royal Bank Of Canada accounts for 0.9% of The Manufacturers Life Insurance Company's investment portfolio, making the stock its 11th largest holding. The Manufacturers Life Insurance Company owned 0.59% of Royal Bank Of Canada worth $937,089,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of RY. Goldman Sachs Group Inc. raised its position in shares of Royal Bank Of Canada by 129.9% during the first quarter. Goldman Sachs Group Inc. now owns 7,063,761 shares of the financial services provider's stock worth $796,227,000 after purchasing an additional 3,990,839 shares during the period. Vanguard Group Inc. grew its holdings in Royal Bank Of Canada by 5.7% during the first quarter. Vanguard Group Inc. now owns 62,571,520 shares of the financial services provider's stock worth $7,048,307,000 after buying an additional 3,387,971 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in Royal Bank Of Canada by 104.6% during the first quarter. Canada Pension Plan Investment Board now owns 6,346,768 shares of the financial services provider's stock worth $715,043,000 after buying an additional 3,244,266 shares in the last quarter. Bank of Nova Scotia grew its holdings 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 worth $1,892,975,000 after buying an additional 1,249,589 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Royal Bank Of Canada during the first quarter worth $114,327,000. 45.31% of the stock is owned by institutional investors and hedge funds.

Royal Bank Of Canada Stock Performance

NYSE:RY traded down $0.43 during trading on Monday, reaching $145.42. The company's stock had a trading volume of 858,667 shares, compared to its average volume of 1,136,119. The firm has a market cap of $204.35 billion, a price-to-earnings ratio of 15.36, a price-to-earnings-growth ratio of 1.49 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. The firm has a 50 day moving average of $133.28 and a 200-day moving average of $124.19. Royal Bank Of Canada has a 12 month low of $106.10 and a 12 month high of $147.64.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its quarterly 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. The company had revenue of $12.26 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.26 EPS. Research analysts expect that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Analyst Ratings Changes

RY has been the subject of several recent research reports. Cowen reiterated a "hold" rating on shares of Royal Bank Of Canada in a report on Thursday. National Bankshares reiterated a "sector perform" rating on shares of Royal Bank Of Canada in a report on Friday, August 15th. Barclays reiterated an "overweight" rating on shares of Royal Bank Of Canada in a report on Thursday, August 14th. Argus upped their price target on Royal Bank Of Canada from $140.00 to $162.00 and gave the stock a "buy" rating in a report on Friday. Finally, National Bank Financial downgraded Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a report on Friday, May 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus 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.