Highstreet Asset Management INC Has Cut Royal Bank Of Canada (RY) Holding by $9.87 Million as Share Value Declined

August 12, 2018 - By Russell Jones

Highstreet Asset Management Inc decreased its stake in Royal Bank Of Canada (RY) by 9.43% based on its latest 2018Q1 regulatory filing with the SEC. Highstreet Asset Management Inc sold 128,228 shares as the company’s stock declined 6.00% with the market. The institutional investor held 1.23 million shares of the commercial banks company at the end of 2018Q1, valued at $95.11 million, down from 1.36 million at the end of the previous reported quarter. Highstreet Asset Management Inc who had been investing in Royal Bank Of Canada for a number of months, seems to be less bullish one the $112.00 billion market cap company. The stock decreased 1.31% or $1.02 during the last trading session, reaching $77.12. About 580,756 shares traded. Royal Bank of Canada (NYSE:RY) has risen 9.18% since August 12, 2017 and is uptrending. It has underperformed by 3.39% the S&P500.

Highstreet Asset Management Inc, which manages about $1.53B US Long portfolio, upped its stake in Vermilion Energy Inc. (NYSE:VET) by 124,003 shares to 603,290 shares, valued at $19.45M in 2018Q1, according to the filing. It also increased its holding in Fortis Inc. (FRTSF) by 492,869 shares in the quarter, for a total of 624,681 shares, and has risen its stake in The Procter & Gamble Co. (NYSE:PG).

Analysts await Royal Bank of Canada (NYSE:RY) to report earnings on August, 22 before the open. They expect $1.62 earnings per share, up 14.89 % or $0.21 from last year’s $1.41 per share. RY’s profit will be $2.35 billion for 11.90 P/E if the $1.62 EPS becomes a reality. After $1.65 actual earnings per share reported by Royal Bank of Canada for the previous quarter, Wall Street now forecasts -1.82 % negative EPS growth.

More notable recent Royal Bank of Canada (NYSE:RY) news were published by: Seekingalpha.com which released: “National Bank Of Canada: The Underrated Canadian Bank” on July 30, 2018, also Seekingalpha.com with their article: “Moody’s upgrades Canadian banks’ long-term ratings on methodology update” published on July 17, 2018, Fool.ca published: “Is Royal Bank of Canada (TSX:RY) or Canadian National Railway Company (TSX:CNR) Better for Your RRSP?” on July 16, 2018. More interesting news about Royal Bank of Canada (NYSE:RY) were released by: Fool.ca and their article: “NAFTA: Could an August Deal Help Spark Bank Stocks?” published on August 10, 2018 as well as Fool.ca‘s news article titled: “How Royal Bank of Canada (TSX:RY) and Enbridge Inc. (TSX:ENB) Can Prepare You for the Next Bear Market” with publication date: August 08, 2018.

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