Royal Bank Of Canada (NYSE:RY) Posts Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Royal Bank Of Canada (NYSE:RY) (TSE:RY) issued its earnings results on Thursday. The financial services provider reported $3.07 earnings per share for the quarter, topping analysts’ consensus estimates of $2.89 by $0.18, Zacks reports. Royal Bank Of Canada had a net margin of 15.92% and a return on equity of 17.68%.

Royal Bank Of Canada Trading Up 0.2%

Shares of Royal Bank Of Canada stock opened at $207.52 on Thursday. The business has a fifty day simple moving average of $208.92 and a two-hundred day simple moving average of $187.56. Royal Bank Of Canada has a 1 year low of $141.37 and a 1 year high of $218.57. The company has a market capitalization of $287.75 billion, a price-to-earnings ratio of 18.65, a P/E/G ratio of 1.56 and a beta of 0.80. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.82 and a quick ratio of 0.82.

Hedge Funds Weigh In On Royal Bank Of Canada

Several large investors have recently modified their holdings of RY. First Manhattan CO. LLC. lifted its holdings in Royal Bank Of Canada by 1.1% during the fourth quarter. First Manhattan CO. LLC. now owns 7,363 shares of the financial services provider’s stock valued at $1,255,000 after purchasing an additional 83 shares in the last quarter. First Citizens Bank & Trust Co. boosted its position in shares of Royal Bank Of Canada by 1.1% in the fourth quarter. First Citizens Bank & Trust Co. now owns 7,522 shares of the financial services provider’s stock worth $1,282,000 after purchasing an additional 83 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Royal Bank Of Canada by 2.7% in the fourth quarter. Advisors Asset Management Inc. now owns 3,957 shares of the financial services provider’s stock worth $675,000 after purchasing an additional 104 shares in the last quarter. Aptus Capital Advisors LLC raised its position in shares of Royal Bank Of Canada by 4.9% during the 4th quarter. Aptus Capital Advisors LLC now owns 2,786 shares of the financial services provider’s stock valued at $475,000 after purchasing an additional 130 shares during the period. Finally, Sumitomo Life Insurance Co. raised its position in shares of Royal Bank Of Canada by 0.9% during the 4th quarter. Sumitomo Life Insurance Co. now owns 15,132 shares of the financial services provider’s stock valued at $2,580,000 after purchasing an additional 131 shares during the period. 45.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on RY. Argus set a $225.00 price target on shares of Royal Bank Of Canada in a research note on Thursday, June 11th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Royal Bank Of Canada in a research note on Wednesday, August 19th. Scotiabank reaffirmed an “outperform” rating on shares of Royal Bank Of Canada in a report on Monday, June 1st. Weiss Ratings upgraded shares of Royal Bank Of Canada from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, July 29th. Finally, TD Securities reiterated a “buy” rating on shares of Royal Bank Of Canada in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus 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.