Royal Bank Of Canada $RY Shares Purchased by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. increased its position in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 4.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 121,904 shares of the financial services provider’s stock after purchasing an additional 5,429 shares during the period. Royal Bank Of Canada comprises about 4.2% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its biggest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Royal Bank Of Canada were worth $16,077,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on RY shares. CIBC downgraded shares of Royal Bank Of Canada from a “sector outperform” rating to a “neutral” rating in a research report on Friday, September 5th. Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Thursday, August 28th. National Bankshares reiterated a “sector perform” rating on shares of Royal Bank Of Canada in a research report on Friday, August 15th. Cowen reiterated a “hold” rating on shares of Royal Bank Of Canada in a research report on Thursday, August 28th. Finally, Cibc World Mkts downgraded shares of Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 5th. Six analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $177.50.

Royal Bank Of Canada Stock Up 0.3%

Royal Bank Of Canada stock opened at $145.81 on Monday. The company has a market capitalization of $204.91 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.46 and a beta of 0.86. The firm’s fifty day simple moving average is $143.53 and its 200-day simple moving average is $131.67. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.11. Royal Bank Of Canada has a 1-year low of $106.10 and a 1-year high of $149.26.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings results on Wednesday, August 27th. The financial services provider reported $2.79 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.43. The business had revenue of $12.26 billion for the quarter, compared to the consensus estimate of $16.03 billion. Royal Bank Of Canada had a net margin of 14.03% and a return on equity of 16.12%. Royal Bank Of Canada’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.26 EPS. Sell-side 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.