Sax Wealth Advisors LLC Invests $437,000 in Royal Bank Of Canada $RY

Key Points

• Sax Wealth Advisors LLC has invested approximately $437,000 in Royal Bank of Canada by acquiring 3,321 shares during the second quarter.
• A significant percentage of Royal Bank of Canada shares, 45.31%, is owned by institutional investors and hedge funds, indicating strong institutional interest.
• Royal Bank of Canada has received multiple ratings from analysts, maintaining a consensus rating of "Moderate Buy" with an average price target of $177.50.

Sax Wealth Advisors LLC bought a new position in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,321 shares of the financial services provider's stock, valued at approximately $437,000.

A number of other institutional investors and hedge funds also recently modified their holdings of RY. Sunbelt Securities Inc. raised its position 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 worth $29,000 after purchasing an additional 250 shares during the period. Caitong International Asset Management Co. Ltd purchased a new position in shares of Royal Bank Of Canada during the first quarter valued at $32,000. Cullen Frost Bankers Inc. grew its holdings 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 buying an additional 257 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Royal Bank Of Canada during the first quarter valued at $45,000. Finally, Roxbury Financial LLC grew its holdings in shares of 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. 45.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RY. Scotiabank reiterated an "outperform" rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. National Bankshares reiterated a "sector perform" rating on shares of Royal Bank Of Canada in a report on Friday, August 15th. Cowen reiterated a "hold" rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. BMO Capital Markets reiterated an "outperform" rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. Finally, Erste Group Bank upgraded Royal Bank Of Canada from a "hold" rating to a "buy" rating in a report on Monday, September 22nd. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $177.50.

Royal Bank Of Canada Stock Performance

RY opened at $145.27 on Friday. The company has a market cap of $204.15 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 1.47 and a beta of 0.86. The stock has a 50-day moving average of $141.83 and a 200-day moving average of $130.16. Royal Bank Of Canada has a 52-week low of $106.10 and a 52-week high of $149.26. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last released its quarterly earnings results on Wednesday, August 27th. The financial services provider reported $2.79 earnings per share (EPS) 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 revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.26 EPS. As a group, equities research analysts forecast that Royal Bank Of Canada will post 9.16 earnings per share for the current fiscal year.

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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