Royal Bank of Canada Cuts Stake in MYR Group

The Royal Bank of Canada has reduced its stake in MYR Group, Inc., a specialty electrical contractor that provides various construction and maintenance services. According to the bank's most recent 13F filing with the Securities and Exchange Commission, it sold 11,461 shares during the first quarter, reducing its ownership by 11.4%. The firm now owns approximately 89,192 shares of MYR Group's stock, valued at around $25 million.

The bank's stake in MYR Group represents about 0.57% of the company's total shares outstanding. This move comes amid a broader trend of institutional investors adjusting their positions in the company. Other major investors, such as Bank of Montreal Can and Captrust Financial Advisors, have also made changes to their holdings in MYR Group during the past quarter.

MYR Group has seen its stock price perform well recently, with a 52-week high of $503.57 and a current market capitalization of over $5 billion. The company's revenue for the latest quarter was up 20.1% year-over-year, driven by growth in its transmission and distribution projects.