2,500 Shares in Royal Bank of Canada (RY) Purchased by ELCO Management Co. LLC

ELCO Management Co. LLC purchased a new position in Royal Bank of Canada (NYSE:RY) (TSE:RY) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,500 shares of the financial services provider’s stock, valued at approximately $200,000.

Several other large investors also recently modified their holdings of RY. Advisors Asset Management Inc. increased its holdings in shares of Royal Bank of Canada by 148.4% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,843 shares of the financial services provider’s stock worth $142,000 after buying an additional 1,101 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in shares of Royal Bank of Canada during the 2nd quarter valued at $154,000. Cypress Capital Management LLC bought a new position in shares of Royal Bank of Canada during the 3rd quarter valued at $200,000. Tuttle Tactical Management bought a new position in shares of Royal Bank of Canada during the 2nd quarter valued at $203,000. Finally, West Coast Financial LLC bought a new position in shares of Royal Bank of Canada during the 3rd quarter valued at $203,000. 40.36% of the stock is currently owned by hedge funds and other institutional investors.

RY has been the topic of several recent research reports. ValuEngine lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Zacks Investment Research lowered shares of Royal Bank of Canada from a “hold” rating to a “sell” rating in a report on Tuesday, August 14th. Howard Weil raised shares of Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a report on Monday, September 10th. Scotiabank raised shares of Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report on Monday, September 10th. Finally, Scotia Howard Weill raised shares of Royal Bank of Canada from a “sector perform” rating to a “sector outperform” rating in a report on Monday, September 10th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $96.25.

Shares of RY opened at $71.49 on Friday. The firm has a market cap of $104.31 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 1.44 and a beta of 1.14. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.92 and a quick ratio of 0.92. Royal Bank of Canada has a twelve month low of $69.99 and a twelve month high of $87.10.

Royal Bank of Canada (NYSE:RY) (TSE:RY) last announced its quarterly earnings results on Wednesday, August 22nd. The financial services provider reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.04. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.39 billion. Royal Bank of Canada had a net margin of 21.48% and a return on equity of 18.11%. As a group, equities research analysts forecast that Royal Bank of Canada will post 6.47 EPS for the current fiscal year.

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About Royal Bank of Canada

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

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Institutional Ownership by Quarter for Royal Bank of Canada (NYSE:RY)

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