Bank of America Puts $251 Million into Royal Bank Of Canada
Bank of America Corp DE has taken out a new $251.25 million investment in Royal Bank Of Canada (RY). The institutional investor purchased 1,213,945 shares of RY's stock during the second quarter, according to its recent SEC filing.
The purchase valued at approximately $251,250,000 is a significant stake in Royal Bank Of Canada, which represents about 0.09% of the company's outstanding shares. This investment is not an isolated incident, as several other hedge funds and institutional investors have also acquired stakes in RY during the second quarter.
Notably, Canadian Imperial Bank of Commerce has reaffirmed a 'neutral' rating on Royal Bank Of Canada, while Argus set a target price of $225.00 for the company. However, top-rated analysts believe that other stocks are better buys at present.