BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Trims Stock Holdings in Royal Bank of Canada (NYSE:RY)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in Royal Bank of Canada (NYSE:RY) (TSE:RY) by 15.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,525,100 shares of the financial services provider’s stock after selling 664,000 shares during the period. Royal Bank of Canada comprises 2.6% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings, making the stock its 5th largest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.25% of Royal Bank of Canada worth $439,916,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. PNC Financial Services Group Inc. grew its holdings in Royal Bank of Canada by 6.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 84,045 shares of the financial services provider’s stock valued at $10,483,000 after purchasing an additional 4,980 shares during the last quarter. Legal & General Group Plc grew its holdings in Royal Bank of Canada by 1.8% during the 2nd quarter. Legal & General Group Plc now owns 10,504,593 shares of the financial services provider’s stock valued at $1,118,150,000 after purchasing an additional 190,341 shares during the last quarter. Creative Planning grew its holdings in Royal Bank of Canada by 6.4% during the 3rd quarter. Creative Planning now owns 211,411 shares of the financial services provider’s stock valued at $26,369,000 after purchasing an additional 12,693 shares during the last quarter. CIBC Asset Management Inc grew its holdings in Royal Bank of Canada by 0.9% during the 3rd quarter. CIBC Asset Management Inc now owns 13,622,472 shares of the financial services provider’s stock valued at $1,706,833,000 after purchasing an additional 124,348 shares during the last quarter. Finally, Bridgewater Associates LP grew its holdings in Royal Bank of Canada by 150.7% during the 3rd quarter. Bridgewater Associates LP now owns 74,025 shares of the financial services provider’s stock valued at $9,249,000 after purchasing an additional 44,494 shares during the last quarter. 45.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RY has been the topic of several analyst reports. BMO Capital Markets upped their price target on shares of Royal Bank of Canada from $151.00 to $165.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Finally, Barclays upgraded shares of Royal Bank of Canada from an “equal weight” rating to an “overweight” rating in a research note on Thursday, November 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

Royal Bank of Canada Price Performance

Shares of RY stock opened at $125.67 on Friday. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.87 and a quick ratio of 0.87. The company has a market capitalization of $177.66 billion, a P/E ratio of 15.20, a P/E/G ratio of 1.86 and a beta of 0.86. The company’s 50-day simple moving average is $123.61 and its two-hundred day simple moving average is $115.33. Royal Bank of Canada has a one year low of $88.49 and a one year high of $126.96.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Wednesday, August 28th. The financial services provider reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.23. Royal Bank of Canada had a net margin of 12.28% and a return on equity of 15.17%. The firm had revenue of $10.68 billion during the quarter, compared to analysts’ expectations of $10.40 billion. As a group, equities analysts anticipate that Royal Bank of Canada will post 8.73 EPS for the current 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.