Zurcher Kantonalbank Zurich Cantonalbank Grows Position in Royal Bank of Canada (NYSE:RY)
Zurcher Kantonalbank Zurich Cantonalbank has expanded its stake in Royal Bank of Canada (NYSE:RY) by 3.6% during the third quarter, as disclosed in its latest Form 13F filing with the Securities & Exchange Commission. The bank acquired an additional 17,917 shares, bringing its total holdings to 519,538 shares valued at $64,916,000 at the end of the reporting period.
Several other institutional investors and stakeholders have also adjusted their positions in Royal Bank of Canada during this period. Notably, Capital Performance Advisors LLP and Larson Financial Group LLC have both entered new positions, each valuing approximately $25,000 and $26,000 respectively. Furthermore, Whittier Trust Co. of Nevada Inc. significantly increased its holdings by 110.3%, now owning 225 shares worth $28,000. Additionally, Grove Bank & Trust and Ridgewood Investments LLC have both established new positions valuing around $28,000 and $27,000, respectively. Institutional investors collectively own 45.31% of the company’s stock.
The stock has been analyzed extensively by financial analysts. BMO Capital Markets, for instance, raised its price target for Royal Bank of Canada shares from $151.00 to $165.00, attributing an “outperform” rating to the company. Similarly, Barclays upgraded its rating from “equal weight” to “overweight.” In contrast, TD Securities downgraded the stock from a “buy” rating to a “hold.” The consensus among analysts is generally positive, with one expert advising a sell, one a hold, six recommending a buy, and one suggesting a strong buy. Currently, the stock holds an “Moderate Buy” average rating with an estimated average target price of $142.50.
On the trading front, shares of Royal Bank of Canada opened at $125.27 on a recent Thursday. The financial services provider exhibits a 50-day moving average price of $123.49 and a 200-day moving average price of $115.11. Within the past year, the stock has reached a low of $85.02 and a high of $126.96. With a market capitalization of $177.09 billion, the company’s financial ratios include a PE ratio of 15.15, a PEG ratio of 1.92, and a beta of 0.86, demonstrating its market stability. The institution maintains a quick and current ratio of 0.87 and a low debt-to-equity ratio of 0.12.
In its latest earnings report issued on August 28th, Royal Bank of Canada posted earnings per share (EPS) of $2.38 for the quarter. This exceeded analysts’ consensus estimates of $2.15 by $0.23, reflecting a net margin of 12.28% and a return on equity of 15.17%. The company’s revenue for the quarter was $10.68 billion, surpassing the anticipated $10.40 billion. Analysts predict that Royal Bank of Canada will achieve an EPS of 8.37 for the current fiscal year.
Royal Bank of Canada operates on a global scale, offering a wide range of financial services. The Personal & Commercial Banking segment provides various banking and financial products, including checking and savings accounts, home equity financing, personal lending, private banking, and auto financing. Additionally, the bank offers mutual funds, brokerage accounts, investment certificates, credit cards, and diverse payment products. It also supplies lending, leasing, deposit, investment, and cash management solutions to small and medium-sized enterprises.
