Intact Investment Management buys $85.5 Million stake in Royal Bank of Canada (RY)

Royal Bank of Canada (RY) : Intact Investment Management scooped up 214,417 additional shares in Royal Bank of Canada during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 1,440,099 shares of Royal Bank of Canada which is valued at $85.5 Million.Royal Bank of Canada makes up approximately 4.15% of Intact Investment Management’s portfolio.

Other Hedge Funds, Including , Pinnacle Associates Ltd sold out all of its stake in RY during the most recent quarter. The investment firm sold 4,173 shares of RY which is valued $247,751.Eaton Vance Management reduced its stake in RY by selling 1,000 shares or 1.65% in the most recent quarter. The Hedge Fund company now holds 59,735 shares of RY which is valued at $3.5 Million. Royal Bank of Canada makes up approx 0.01% of Eaton Vance Management’s portfolio.Addenda Capital boosted its stake in RY in the latest quarter, The investment management firm added 47,734 additional shares and now holds a total of 780,574 shares of Royal Bank of Canada which is valued at $46 Million. Royal Bank of Canada makes up approx 4.03% of Addenda Capital’s portfolio. Harfst Associates sold out all of its stake in RY during the most recent quarter. The investment firm sold 80 shares of RY which is valued $4,716.

Royal Bank of Canada opened for trading at $60.12 and hit $61.17 on the upside on Wednesday, eventually ending the session at $60.89, with a gain of 1.93% or 1.15 points. The heightened volatility saw the trading volume jump to 11,80,747 shares. Company has a market cap of $90,526 M.

On the company’s financial health, Royal Bank of Canada reported $1.66 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on May 26, 2016. Analyst had a consensus of $1.64. The company had revenue of $9526.00 million for the quarter, compared to analysts expectations of $9510.53 million. The company’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.68 EPS.

Many Wall Street Analysts have commented on Royal Bank of Canada. Royal Bank of Canada was Downgraded by TD Securities to ” Hold” on Mar 1, 2016.

Royal Bank of Canada (RBC) is a diversified financial services company. The Company provides personal and commercial banking wealth management services insurance investor services and capital markets products and services on a global basis. It operates in five segments: Personal & Commercial Banking which operates comprises its personal and business banking operations as well as its auto financing and retail investment businesses; Wealth Management which comprises Canadian Wealth Management United States and International Wealth Management and Global Asset Management (GAM); Insurance which operates under two business lines: Canadian Insurance and International Insurance; Investor & Treasury Services which is a provider of asset servicing custody payments and treasury services and Capital Markets which comprises two business lines: Corporate and Investment Banking and Global Markets. It operates in three geographic segments: Canada United States and Other International.

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