Acadian Asset Management Lowers stake in Royal Bank of Canada (RY)

Royal Bank of Canada (RY) : Acadian Asset Management reduced its stake in Royal Bank of Canada by 13.91% during the most recent quarter end. The investment management company now holds a total of 6,262,671 shares of Royal Bank of Canada which is valued at $387,596,708 after selling 1,012,000 shares in Royal Bank of Canada , the firm said in a disclosure report filed with the SEC on Jul 19, 2016.Royal Bank of Canada makes up approximately 1.92% of Acadian Asset Management’s portfolio.

Other Hedge Funds, Including , Handelsbanken Fonder Ab sold out all of its stake in RY during the most recent quarter. The investment firm sold 7,300 shares of RY which is valued $451,505.

Royal Bank of Canada opened for trading at $61.39 and hit $61.95 on the upside on Wednesday, eventually ending the session at $61.89, with a gain of 0.83% or 0.51 points. The heightened volatility saw the trading volume jump to 9,19,196 shares. Company has a market cap of $92,106 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 Resumed by BofA/Merrill to “Underperform” on Jul 12, 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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