Royal Bank of Canada Reports Good 3Q; Canadian Government Raises Concerns About Housing Market
Royal Bank of Canada reported a good fiscal third quarter, and we plan to maintain our wide moat rating and $66/CAD 86 fair value estimates. Despite the Canadian economy contracting at a 1.5% annualized rate in the second calendar quarter because of the Fort McMurray wildfires, which halted oil production, the bank reported adjusted net income of CAD 2.7 billion, up 7% from last year. We’re pleased to see what appears to be a very solid integration of City National, as wealth management earnings...Royal Bank of Canada is a financial services company that provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services. Co. serves personal, business, public sector and institutional clients through offices in Canada, the U.S. and 37 other countries. Co. is organized into five segments: Personal and Commercial Banking, which is comprised of Co.'s personal and business banking operations, and its auto financing businesses; Wealth Management, Insurance; Investor and Treasury Services; and Capital Markets. As of Oct 31 2017, Co. had total assets of C$1.21 trillion and total deposits of C$789.64 billion.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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