Elite Wealth Management Invests Heavily in Royal Bank of Canada
Royal Bank of Canada has caught the attention of Elite Wealth Management Inc., which recently acquired a new stake in the company. According to its latest Form 13F filing with the SEC, Elite Wealth Management purchased 32,416 shares of Royal Bank's stock for approximately $5,244,000.
This acquisition makes Royal Bank one of Elite Wealth's largest holdings, accounting for about 1.7% of their portfolio. Other institutional investors and hedge funds have also been active in the company, with some increasing their stakes significantly.
Key Financial Inc., for example, boosted its stake by 63%, while Maseco LLP increased its holding by a whopping 355%. Royal Bank's revenue rose 11.4% compared to the same period last year, and analysts expect it to post $11.45 in earnings per share for the current year.