Lorne Steinberg Wealth Management Inc. Purchases 5,429 Shares of Royal Bank Of Canada $RY

Lorne Steinberg Wealth Management Inc. raised its position in Royal Bank Of Canada (NYSE:RY) (TSE:RY) by 4.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 121,904 shares of the financial services provider’s stock after purchasing an additional 5,429 shares during the quarter. Royal Bank Of Canada comprises approximately 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 quarter.

Several other large investors also recently made changes to their positions in RY. Goldman Sachs Group Inc. increased its stake in shares of Royal Bank Of Canada by 129.9% in the first quarter. Goldman Sachs Group Inc. now owns 7,063,761 shares of the financial services provider’s stock valued at $796,227,000 after purchasing an additional 3,990,839 shares during the period. Vanguard Group Inc. increased its stake in shares of Royal Bank Of Canada by 5.7% in the first quarter. Vanguard Group Inc. now owns 62,571,520 shares of the financial services provider’s stock valued at $7,048,307,000 after purchasing an additional 3,387,971 shares during the period. Canada Pension Plan Investment Board increased its stake in shares of Royal Bank Of Canada by 104.6% in the first quarter. Canada Pension Plan Investment Board now owns 6,346,768 shares of the financial services provider’s stock valued at $715,043,000 after purchasing an additional 3,244,266 shares during the period. Bank of Nova Scotia increased its stake in shares of Royal Bank Of Canada by 8.0% in the first quarter. Bank of Nova Scotia now owns 16,802,214 shares of the financial services provider’s stock valued at $1,892,975,000 after purchasing an additional 1,249,589 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Royal Bank Of Canada in the first quarter valued at approximately $114,327,000. Institutional investors and hedge funds own 45.31% of the company’s stock.

Royal Bank Of Canada Trading Up 0.3%

Shares of NYSE:RY opened at $145.81 on Monday. The stock has a market capitalization of $204.91 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 1.46 and a beta of 0.86. Royal Bank Of Canada has a 1-year low of $106.10 and a 1-year high of $149.26. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.82 and a current ratio of 0.82. The company has a 50 day moving average price of $143.53 and a 200 day moving average price of $131.67.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last issued 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. The firm had revenue of $12.26 billion during the quarter, compared to analysts’ expectations of $16.03 billion. Royal Bank Of Canada had a net margin of 14.03% and a return on equity of 16.12%. The firm’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period last year, the firm posted $3.26 earnings per share. On average, research analysts anticipate that Royal Bank Of Canada will post 9.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on RY. Argus raised their price target on shares of Royal Bank Of Canada from $140.00 to $162.00 and gave the company a “buy” rating in a research note on Friday, August 29th. Erste Group Bank upgraded shares of Royal Bank Of Canada from a “hold” rating to a “buy” rating in a report on Monday, September 22nd. BMO Capital Markets reiterated an “outperform” rating on shares of Royal Bank Of Canada in a report on Thursday, August 28th. Barclays reiterated an “overweight” rating on shares of Royal Bank Of Canada in a report on Thursday, August 14th. Finally, CIBC cut shares of Royal Bank Of Canada from a “sector outperform” rating to a “neutral” rating in a report on Friday, September 5th. Six research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average 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.