May 12, 2023 – FORA Capital LLC has decreased its stake in shares of Royal Bank of Canada (NYSE:RY) (TSE:RY) by a significant margin, according to the company’s recent filing with the Securities & Exchange Commission. The firm sold off over half of its shares, owning only 5,657 out of their previous total of 12,437 during the fourth quarter. This amounts to a reduction of holdings worth $532,000.
This move comes after Royal Bank of Canada announced their quarterly earnings results on March 1st earlier this year. They reported an EPS of $2.26 for the quarter, surpassing analysts’ consensus estimate of $2.17 by $0.09. Revenue for the quarter was also higher than expected at $11.21 billion compared to estimates of only $9.67 billion. The bank had a net margin of 18.77% and a return on equity (ROE) of 16.17%. Analysts are optimistic about Royal Bank of Canada’s potential profitability and anticipate an EPS growth to reach 8.65 for the current fiscal year.
At present, Royal Bank of Canada is committed to providing comprehensive banking and financial solutions across different segments such as Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets and Corporate Support primarily within Canada.
As times change and modern inventions come into being daily, it is no longer surprising that investment companies such as FORA Capital LLC decrease their stake at pivotal times like this; however many market experts insist that financial services providers vouchsafed profitable history such as what has been seen from Royal Bank still poses great potential for profits in the future.
To ultimately predict what lies ahead with steadfast accuracy requires shrewd intuition derived from years working in such markets but one thing that remains constant is attention should still be given to Royal Bank as it remains a relevant player in the world of banking.
Institutional Investors and Hedge Funds Invest Heavily in Royal Bank of Canada
Royal Bank of Canada Sees Multiple Large Investments From Institutional Investors and Hedge Funds
Royal Bank of Canada (RY) has recently seen multiple large investments from institutional investors and hedge funds. Baldwin Brothers LLC MA acquired a new stake in shares of Royal Bank of Canada during the 4th quarter worth approximately $28,000. Tradition Wealth Management LLC acquired a new stake in Royal Bank of Canada in the 4th quarter valued at $38,000. Romano Brothers AND Company also acquired a new stake in RY in the 4th quarter valued at $59,000. Focused Wealth Management Inc increased its position by 454.5% during the same period, owning 915 shares of the financial services provider’s stock valued at $86,000 after purchasing an additional 750 shares during the period.
Ancora Advisors LLC also recently acquired a new stake in Royal Bank of Canada during the 1st quarter valued at $89,000. As per recent regulatory filings, institutional investors and hedge funds now own over 41.19% of RY.
Shares of RY opened at $96.41 on Thursday with a market cap of $134.07 billion. The company’s P/E ratio stands at 11.98 with a PEG ratio of 1.72 and a beta value of 0.82.
The company operates through different segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. Its Personal and Commercial Banking segment provides broad suite financial products and services to customers throughout Canada.
The company has announced that it will issue a quarterly dividend payment on May 24th; shareholders as of record date April 25th will receive a dividend amounting to $0.992 per share which represents an increase from its previous quarterly dividend payout.
RY was subject to different research reports which resulted in mixed opinions from analysts; Desjardins increased their target price for RY from C$145.00 to C$147.00, however, Barclays cut it to an “underweight” rating and StockNews.com upgraded it from a “sell” rating to a “hold” rating. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock on average with a consensus target price of $138.33 as per data from Bloomberg.com.
