Algert Global LLC Buys Shares of 5,651 Royal Bank of Canada (NYSE:RY)

Algert Global LLC purchased a new position in Royal Bank of Canada (NYSE:RY) (TSE:RY) in the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 5,651 shares of the financial services provider’s stock, valued at approximately $706,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Virtu Financial LLC grew its holdings in Royal Bank of Canada by 50.6% during the first quarter. Virtu Financial LLC now owns 4,113 shares of the financial services provider’s stock worth $415,000 after acquiring an additional 1,382 shares during the period. Cetera Investment Advisers raised its holdings in shares of Royal Bank of Canada by 390.4% in the 1st quarter. Cetera Investment Advisers now owns 25,057 shares of the financial services provider’s stock worth $2,528,000 after purchasing an additional 19,948 shares in the last quarter. Cetera Advisors LLC raised its holdings in shares of Royal Bank of Canada by 125.1% in the 1st quarter. Cetera Advisors LLC now owns 4,558 shares of the financial services provider’s stock worth $460,000 after purchasing an additional 2,533 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Royal Bank of Canada by 52.0% during the first quarter. EverSource Wealth Advisors LLC now owns 1,088 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 372 shares during the last quarter. Finally, Transcend Capital Advisors LLC grew its position in Royal Bank of Canada by 6.2% in the second quarter. Transcend Capital Advisors LLC now owns 2,322 shares of the financial services provider’s stock worth $247,000 after buying an additional 136 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RY. BMO Capital Markets raised their price objective on Royal Bank of Canada from $151.00 to $165.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. Barclays upgraded Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research report on Thursday, November 21st. Finally, TD Securities downgraded Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $142.50.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock opened at $125.67 on Friday. Royal Bank of Canada has a 12 month low of $88.49 and a 12 month high of $126.96. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.12. The stock has a market cap of $177.66 billion, a PE ratio of 15.20, a price-to-earnings-growth ratio of 1.86 and a beta of 0.86. The business has a fifty day simple moving average of $123.61 and a 200-day simple moving average of $115.33.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last released its earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.23. The company had revenue of $10.68 billion for the quarter, compared to analysts’ expectations of $10.40 billion. Royal Bank of Canada had a return on equity of 15.17% and a net margin of 12.28%. On average, sell-side analysts anticipate that Royal Bank of Canada will post 8.73 EPS for the current fiscal year.

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.