Ontario Teachers Pension Plan Board bought a new position in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 14,112 shares of the financial services provider’s stock, valued at approximately $875,000.
A number of other hedge funds also recently made changes to their positions in RY. Janney Montgomery Scott LLC increased its position in Royal Bank of Canada by 3.8% during the fourth quarter. Janney Montgomery Scott LLC now owns 60,528 shares of the financial services provider’s stock worth $4,794,000 after acquiring an additional 2,190 shares during the period. Campbell & CO Investment Adviser LLC bought a new stake in Royal Bank of Canada in the 4th quarter valued at $282,000. J.W. Cole Advisors Inc. bought a new stake in Royal Bank of Canada in the 4th quarter valued at $526,000. Advisor Partners LLC increased its holdings in Royal Bank of Canada by 11.8% in the 4th quarter. Advisor Partners LLC now owns 16,190 shares of the financial services provider’s stock valued at $1,307,000 after buying an additional 1,715 shares during the period. Finally, First American Bank bought a new stake in Royal Bank of Canada in the 4th quarter valued at $2,476,000. 41.46% of the stock is currently owned by institutional investors and hedge funds.
RY has been the topic of several analyst reports. ValuEngine lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Thursday, April 9th. Cfra lowered their price target on shares of Royal Bank of Canada from $83.00 to $69.00 and set a “hold” rating on the stock in a report on Wednesday, March 25th. CIBC reaffirmed a “buy” rating and issued a $120.00 target price on shares of Royal Bank of Canada in a report on Monday, February 24th. Citigroup raised shares of Royal Bank of Canada from a “neutral” rating to a “buy” rating in a report on Wednesday, May 6th. Finally, Barclays lowered their target price on shares of Royal Bank of Canada from $81.00 to $80.00 and set an “underweight” rating on the stock in a report on Monday, May 11th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $97.50.
Royal Bank of Canada (NYSE:RY) (TSE:RY) last issued its quarterly earnings results on Thursday, February 20th. The financial services provider reported $1.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.73 by $0.12. The business had revenue of $9.75 billion for the quarter, compared to the consensus estimate of $9.08 billion. Royal Bank of Canada had a net margin of 19.36% and a return on equity of 17.32%. As a group, sell-side analysts anticipate that Royal Bank of Canada will post 5.39 EPS for the current fiscal 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 check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.
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