Connor Clark & Lunn Invests $2.26B in Royal Bank Of Canada

Connor Clark & Lunn Investment Management Ltd. has acquired a new $2.26 billion stake in Royal Bank Of Canada (RY), according to its latest Form 13F filing with the SEC. The institutional investor purchased 10,928,916 shares of RY's stock in the second quarter, which now makes up approximately 4.3% of Connor Clark & Lunn Investment Management Ltd.'s portfolio.

The company reported $2.84 EPS for its quarterly earnings data on May 28th, beating the consensus estimate of $2.81 by $0.03. Royal Bank Of Canada's revenue for the quarter was up 11.4% on a year-over-year basis. The company also recently announced a quarterly dividend increase to $1.76 per share, a boost from its previous quarterly dividend of $1.64.

Royal Bank Of Canada operates across several principal business segments including personal and commercial banking, wealth management, insurance, investor and treasury services, capital markets, and global asset management. The company has a market cap of $284.06 billion, a PE ratio of 18.41, and a beta of 0.80.