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

Royal Bank of Canada (RY) : Highstreet Asset Management reduced its stake in Royal Bank of Canada by 22.46% during the most recent quarter end. The investment management company now holds a total of 207,974 shares of Royal Bank of Canada which is valued at $12,599,065 after selling 60,254 shares in Royal Bank of Canada , the firm said in a disclosure report filed with the SEC on Jul 22, 2016.Royal Bank of Canada makes up approximately 4.30% of Highstreet Asset Management’s portfolio.

Other Hedge Funds, Including , Davenport Co boosted its stake in RY in the latest quarter, The investment management firm added 50 additional shares and now holds a total of 14,266 shares of Royal Bank of Canada which is valued at $870,797. Royal Bank of Canada makes up approx 0.01% of Davenport Co’s portfolio. British Columbia Investment Management Corp sold out all of its stake in RY during the most recent quarter. The investment firm sold 228,000 shares of RY which is valued $13,534,080.

Royal Bank of Canada opened for trading at $60.64 and hit $61.2915 on the upside on Friday, eventually ending the session at $60.96, with a gain of 0.64% or 0.39 points. The heightened volatility saw the trading volume jump to 13,71,771 shares. Company has a market cap of $90,722 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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