Royal Bank Of Canada $RY Stake Increased by Baskin Financial Services Inc.

Key Points

• Baskin Financial Services Inc. has increased its stake in Royal Bank Of Canada (RY) by 3.3%, owning 64,946 shares valued at approximately $8.56 million as of the latest reporting period.
• Royal Bank Of Canada received mixed ratings from analysts, with six giving a "Buy" rating and a consensus target price now at $177.50, reflecting growth expectations.
• In its latest earnings report, RY surpassed analysts' expectations, reporting EPS of $2.79, above the consensus estimate of $2.36, with revenue totaling $12.26 billion.

Baskin Financial Services Inc. increased its stake in Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 3.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 64,946 shares of the financial services provider's stock after buying an additional 2,091 shares during the period. Baskin Financial Services Inc.'s holdings in Royal Bank Of Canada were worth $8,558,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sunbelt Securities Inc. increased its stake in shares of Royal Bank Of Canada by 2,272.7% in the first quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock worth $29,000 after buying an additional 250 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Royal Bank Of Canada during the first quarter valued at approximately $32,000. Roxbury Financial LLC raised its stake in Royal Bank Of Canada by 44.3% during the second quarter. Roxbury Financial LLC now owns 339 shares of the financial services provider's stock valued at $45,000 after buying an additional 104 shares in the last quarter. Cullen Frost Bankers Inc. raised its stake in 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 buying an additional 257 shares in the last quarter. Finally, Wayfinding Financial LLC acquired a new stake in Royal Bank Of Canada during the first quarter valued at approximately $45,000. Institutional investors own 45.31% of the company's stock.

Wall Street Analysts Forecast Growth

RY has been the topic of several research reports. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Thursday, August 28th. CIBC cut Royal Bank Of Canada from a "sector outperform" rating to a "neutral" rating in a research note on Friday, September 5th. Weiss Ratings restated a "buy (b)" rating on shares of Royal Bank Of Canada in a research note on Wednesday. Argus upped their price objective on 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. Finally, Erste Group Bank upgraded Royal Bank Of Canada from a "hold" rating to a "buy" rating in a research report on Monday, September 22nd. Six 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, Royal Bank Of Canada presently has a consensus rating of "Moderate Buy" and a consensus target price of $177.50.

Royal Bank Of Canada Stock Up 0.2%

Shares of Royal Bank Of Canada stock opened at $145.27 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. The business's 50 day simple moving average is $141.83 and its 200-day simple moving average is $130.16. The stock has a market capitalization of $204.15 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 1.47 and a beta of 0.86. Royal Bank Of Canada has a twelve month low of $106.10 and a twelve month high of $149.26.

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

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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