Forex
AIMCo Invests Heavily in Royal Bank of Canada Amid Earnings Growth
Alberta Investment Management Corp (AIMCo) has acquired a significant stake in Royal Bank of Canada (RBC), investing $323.88 million in the company's stock.
The institutional investor purchased 1,565,659 shares of RBC's stock, which makes up approximately 1.8% of AIMCo's portfolio and is its fourth-largest position.
This investment comes as RBC reported strong earnings for the second quarter, beating analyst estimates with $2.84 EPS. The company also increased its dividend payout ratio to 44.56%, paying a quarterly dividend of $1.76 per share.