Bristol Gate Capital Partners Inc. Takes $703,000 Position in Royal Bank Of Canada $RY

Bristol Gate Capital Partners Inc. bought a new position in Royal Bank Of Canada (NYSE:RY) (TSE:RY) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,397 shares of the financial services provider’s stock, valued at approximately $703,000. Royal Bank Of Canada comprises 0.0% of Bristol Gate Capital Partners Inc.’s investment portfolio, making the stock its 24th largest position.

Several other hedge funds also recently made changes to their positions in RY. Norges Bank bought a new position in shares of Royal Bank Of Canada during the fourth quarter valued at approximately $3,472,382,000. Bank of Nova Scotia bought a new stake in shares of Royal Bank Of Canada in the 2nd quarter worth approximately $2,549,157,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Royal Bank Of Canada in the 2nd quarter worth approximately $2,296,717,000. Canada Pension Plan Investment Board purchased a new stake in shares of Royal Bank Of Canada in the 2nd quarter worth approximately $2,275,797,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Royal Bank Of Canada during the 2nd quarter valued at approximately $2,260,820,000. 45.31% of the stock is owned by hedge funds and other institutional investors.

Royal Bank Of Canada Stock Performance

Shares of RY opened at $207.24 on Wednesday. The company has a market cap of $287.36 billion, a price-to-earnings ratio of 18.62, a P/E/G ratio of 1.53 and a beta of 0.80. The business’s fifty day simple moving average is $208.79 and its two-hundred day simple moving average is $187.29. Royal Bank Of Canada has a 12 month low of $136.10 and a 12 month high of $218.57. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.10.

Royal Bank Of Canada (NYSE:RY) (TSE:RY) last posted its quarterly earnings results on Thursday, May 28th. The financial services provider reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.03. The firm had revenue of $12.84 billion during the quarter, compared to analysts’ expectations of $12.74 billion. Royal Bank Of Canada had a return on equity of 17.68% and a net margin of 15.92%.The company’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.12 earnings per share. Research analysts anticipate that Royal Bank Of Canada will post 11.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on RY. Raymond James Financial downgraded Royal Bank Of Canada from an “outperform” rating to a “market perform” rating in a report on Tuesday, May 12th. Scotiabank restated an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. TD Securities reaffirmed a “buy” rating on shares of Royal Bank Of Canada in a research report on Wednesday, August 12th. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Royal Bank Of Canada in a research note on Friday, August 21st. They set a “market perform” rating for the company. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Royal Bank Of Canada presently has an average rating of “Moderate Buy” and an average target price of $225.00.

About Royal Bank Of Canada

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.