Royal Bank of Canada Stock Sees New Investment

Old North State Trust LLC purchased a new stake in Royal Bank of Canada (NYSE:RY) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 10,089 shares valued at approximately $2,088,000.

The stock makes up about 1.1% of Old North State Trust LLC's investment portfolio and is their 21st largest holding. This isn't the only recent activity in Royal Bank of Canada shares - several other institutional investors and hedge funds have also added or reduced their stakes in the financial services provider.

Royal Bank of Canada recently reported quarterly earnings of $3.07 per share, exceeding the consensus estimate of $2.89 and rising from $2.79 a year earlier. Net margin was 15.92%, while return on equity reached 17.68%. The business had revenue of $13.22 billion for the quarter, compared to the consensus estimate of $12.98 billion.