Turn8 Private Wealth Inc. Acquires 3,644 Shares of Royal Bank Of Canada $RY

Key Points

• Turn8 Private Wealth Inc. increased its stake in the Royal Bank of Canada (RY) by 13.3%, acquiring an additional 3,644 shares to bring its total holdings to 31,052 shares, valued at approximately $3.5 million.
• Other institutional investors, such as Vanguard Group Inc. and Bank of Nova Scotia, also raised their positions in RY, indicating strong interest from major financial institutions.
• Analyst consensus shows a "Hold" rating for Royal Bank of Canada, with a price target of $177.50 and various ratings being adjusted by firms such as CIBC and Barclays.

Turn8 Private Wealth Inc. grew its holdings in shares of Royal Bank Of Canada (NYSE:RY - Free Report) TSE: RY by 13.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,052 shares of the financial services provider's stock after buying an additional 3,644 shares during the quarter. Royal Bank Of Canada makes up 2.7% of Turn8 Private Wealth Inc.'s portfolio, making the stock its 10th largest position. Turn8 Private Wealth Inc.'s holdings in Royal Bank Of Canada were worth $3,499,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of RY. Vanguard Group Inc. raised 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 acquiring an additional 3,387,971 shares in the last quarter. TD Asset Management Inc increased its position in shares of Royal Bank Of Canada by 0.9% during the 1st quarter. TD Asset Management Inc now owns 31,515,404 shares of the financial services provider's stock worth $3,549,520,000 after purchasing an additional 277,466 shares during the last quarter. Bank of Nova Scotia raised its stake in shares of Royal Bank Of Canada by 8.0% during the 1st quarter. Bank of Nova Scotia now owns 16,802,214 shares of the financial services provider's stock worth $1,892,975,000 after purchasing an additional 1,249,589 shares in the last quarter. Federation des caisses Desjardins du Quebec raised its stake in shares of Royal Bank Of Canada by 3.4% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 12,656,362 shares of the financial services provider's stock worth $1,423,464,000 after purchasing an additional 420,466 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Royal Bank Of Canada by 2.9% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,431,721 shares of the financial services provider's stock valued at $1,287,927,000 after buying an additional 319,270 shares during the last quarter. Institutional investors own 45.31% of the company's stock.

Wall Street Analysts Forecast Growth

RY has been the topic of a number of recent analyst reports. Cibc World Mkts downgraded shares of Royal Bank Of Canada from a "strong-buy" rating to a "hold" rating in a report on Friday, September 5th. National Bankshares reissued a "sector perform" rating on shares of Royal Bank Of Canada in a research report on Friday, August 15th. Barclays reaffirmed an "overweight" rating on shares of Royal Bank Of Canada in a report on Thursday, August 14th. Cowen reiterated a "hold" rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. Finally, CIBC downgraded Royal Bank Of Canada from a "sector outperform" rating to a "neutral" rating in a research report on Friday, September 5th. Four investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Royal Bank Of Canada has a consensus rating of "Hold" and an average price target of $177.50.

Royal Bank Of Canada Stock Up 0.1%

Shares of RY opened at $144.20 on Thursday. The firm has a market cap of $202.64 billion, a P/E ratio of 15.23, a price-to-earnings-growth ratio of 1.48 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. Royal Bank Of Canada has a 52 week low of $106.10 and a 52 week high of $147.64. The firm's 50-day simple moving average is $135.69 and its 200 day simple moving average is $125.52.

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 company had revenue of $12.26 billion during the quarter, compared to analysts' expectations of $16.03 billion. During the same quarter in the previous year, the company posted $3.26 earnings per share. The business's revenue was up 16.1% on a year-over-year basis. On average, analysts forecast that Royal Bank Of Canada will post 9.16 earnings per share for the current year.

Royal Bank Of Canada 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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