Sumitomo Life Insurance Takes $3M Position in Royal Bank of Canada
Sumitomo Life Insurance Co., a Japanese insurance company, has acquired a new position in Royal Bank Of Canada (RY) worth $3.04 million. The firm purchased 14,674 shares of RY's stock in the second quarter, according to its SEC filing.
This is not an isolated instance, as several other hedge funds have also bought and sold shares of RY during this period. For example, Key Financial Inc raised its stake in RY by 63% during the first quarter, while Maseco LLP boosted its stake in the company by 355% in the same period.
RY's stock has a market capitalization of $284.06 billion and a PEG ratio of 1.62. The firm reported earnings per share (EPS) of $2.84 for the quarter, beating analysts' estimates of $2.81. RY also increased its dividend to $1.76 per share in July, representing a 3.4% yield.