Geode Capital Management LLC Boosts Stake in Royal Bank Of Canada $RY

Geode Capital Management LLC raised its position in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 6.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 13,741,480 shares of the financial services provider’s stock after purchasing an additional 882,253 shares during the period. Geode Capital Management LLC’s holdings in Royal Bank Of Canada were worth $2,389,773,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Truist Financial Corp raised its position in Royal Bank Of Canada by 10.6% in the 3rd quarter. Truist Financial Corp now owns 101,173 shares of the financial services provider’s stock worth $14,905,000 after purchasing an additional 9,677 shares during the period. Envestnet Asset Management Inc. raised its position in Royal Bank Of Canada by 2.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 344,993 shares of the financial services provider’s stock worth $50,824,000 after purchasing an additional 7,278 shares during the period. HighTower Advisors LLC raised its position in Royal Bank Of Canada by 18.5% in the 4th quarter. HighTower Advisors LLC now owns 96,234 shares of the financial services provider’s stock worth $16,407,000 after purchasing an additional 15,046 shares during the period. Legal & General Group Plc lifted its position in shares of Royal Bank Of Canada by 3.6% during the third quarter. Legal & General Group Plc now owns 8,275,134 shares of the financial services provider’s stock worth $1,219,924,000 after purchasing an additional 287,504 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of Royal Bank Of Canada by 6.1% during the fourth quarter. Fisher Asset Management LLC now owns 6,373,400 shares of the financial services provider’s stock worth $1,086,601,000 after purchasing an additional 368,534 shares during the last quarter. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank Of Canada Stock Performance

RY stock opened at $188.98 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.70 and a quick ratio of 0.70. The business has a 50-day moving average price of $174.22 and a 200 day moving average price of $168.00. The company has a market capitalization of $264.13 billion, a P/E ratio of 18.08, a PEG ratio of 1.49 and a beta of 0.80. Royal Bank Of Canada has a 1-year low of $124.19 and a 1-year high of $191.51.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last released its quarterly earnings data on Thursday, February 26th. The financial services provider reported $2.94 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.13. The firm had revenue of $13.18 billion during the quarter, compared to the consensus estimate of $12.60 billion. Royal Bank Of Canada had a return on equity of 17.12% and a net margin of 15.28%.The firm’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the company posted $3.62 earnings per share. As a group, equities research analysts forecast that Royal Bank Of Canada will post 11.53 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on RY shares. Weiss Ratings downgraded Royal Bank Of Canada from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Raymond James Financial downgraded Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a research report on Tuesday, May 12th. Zacks Research downgraded Royal Bank Of Canada from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 3rd. Barclays reiterated an “overweight” rating on shares of Royal Bank Of Canada in a research report on Thursday, February 19th. Finally, Scotiabank reiterated an “outperform” rating on shares of Royal Bank Of Canada in a research report on Monday, May 4th. Ten research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Royal Bank Of Canada currently has an average rating of “Moderate Buy” and an average target price of $162.00.

Royal Bank Of Canada Company Profile

Royal Bank of Canada (NYSE: RY) is a diversified financial services company and one of Canada’s largest banks. Founded in 1864 in Halifax, Nova Scotia, the firm is now headquartered in Toronto, Ontario. It provides a broad range of banking and financial services to individuals, businesses, and institutional clients through a network of branches, digital platforms and international offices.

RBC operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management.