Truist Financial Corp Reduces Position in Royal Bank Of Canada $RY

Key Points

• Truist Financial Corp has reduced its holdings in Royal Bank Of Canada by 21.7% during the second quarter, now owning 91,496 shares valued at approximately $12 million.
• Royal Bank Of Canada reported a strong earnings performance, with $2.79 EPS for the quarter, exceeding analysts' expectations of $2.36 EPS.
• The stock has a consensus rating of "Moderate Buy" from analysts, with a target price of $177.50, reflecting optimism about its future performance.

Truist Financial Corp lessened its holdings in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 21.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 91,496 shares of the financial services provider's stock after selling 25,294 shares during the quarter. Truist Financial Corp's holdings in Royal Bank Of Canada were worth $12,036,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Sunbelt Securities Inc. boosted its stake in shares of Royal Bank Of Canada by 2,272.7% during the 1st quarter. Sunbelt Securities Inc. now owns 261 shares of the financial services provider's stock worth $29,000 after acquiring an additional 250 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Royal Bank Of Canada during the 1st quarter worth $32,000. Roxbury Financial LLC boosted its stake in shares of Royal Bank Of Canada by 44.3% during the 2nd quarter. Roxbury Financial LLC now owns 339 shares of the financial services provider's stock worth $45,000 after acquiring an additional 104 shares during the last quarter. Cullen Frost Bankers Inc. boosted its stake in shares of Royal Bank Of Canada by 295.4% during the 1st quarter. Cullen Frost Bankers Inc. now owns 344 shares of the financial services provider's stock worth $39,000 after acquiring an additional 257 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new position in shares of Royal Bank Of Canada during the 1st quarter valued at $45,000. Hedge funds and other institutional investors own 45.31% of the company's stock.

Royal Bank Of Canada Stock Performance

Royal Bank Of Canada stock opened at $146.95 on Friday. The company's 50-day moving average price is $140.52 and its 200-day moving average price is $129.39. Royal Bank Of Canada has a twelve month low of $106.10 and a twelve month high of $149.26. 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 company has a market cap of $206.52 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 1.49 and a beta of 0.86.

Royal Bank Of Canada (NYSE:RY - Get Free Report) TSE: RY last posted its earnings results on Wednesday, August 27th. The financial services provider reported $2.79 earnings per share for the quarter, topping analysts' consensus estimates 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 previous year, the firm posted $3.26 EPS. The business's quarterly revenue was up 16.1% on a year-over-year basis. On average, equities research analysts forecast that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RY has been the topic of a number of analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of Royal Bank Of Canada in a research note on Saturday, September 27th. Wall Street Zen upgraded shares of Royal Bank Of Canada from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. Barclays restated an "overweight" rating on shares of Royal Bank Of Canada in a research note on Thursday, August 14th. Scotiabank restated an "outperform" rating on shares of Royal Bank Of Canada in a research note on Thursday, August 28th. Finally, Cowen reiterated a "hold" rating on shares of Royal Bank Of Canada in a research note on Thursday, August 28th. Six equities research 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 a consensus target price 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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