Site icon Market Globalist

Why Royal Bank of Canada (RY) stock plummeted in after-hours on Friday?

SIG Stock

SIG Stock

Royal Bank of Canada (RY) stock lost 64.36% in the extended hour trading session on Friday, April 16, 2021. The RY stock gained merely 0.62% in the normal trading session on Friday. RY shares have surged 60.61% over the last 12 months, and they have moved up by 1.32% in the past week. Over the past three months, the stock has gained 10.67%, while over the past six months, it has added 28.30%

Let’s try to find out the reason behind its massive loss on Friday


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free

Sponsored


Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

RBC ETF cash distributions 

On April 16, 2021,  Royal Bank of Canada announced cash distributions for unitholders of RBC ETFs, April 2021. The detail is provided on bank’s website.

Read More

Redeeming Series BK&BM shares

On April 15, 2021, Royal Bank of Canada showed its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series BKon May 24, 2021, for cash at a redemption price of $25.00 per share to be paid on May 25, 2021.

The bank also announced that it’s going to redeem all of its series BM shares on August 24, 2021, for cash at a redemption price of $25.00 per share to be paid on August 24, 2021.

Series BK shares represent $725 million of capital and Series BM shares represent $750 million of capital.

March sales figures for RBC Funds, PH&N Funds and BlueBay Funds

On April 9, 2021, Royal Bank of Canada announced March 2021 sales figures for RBC Funds, PH&N Funds and BlueBay Funds.

According to the announcement, March mutual fund net had sales of $1.4 billion, Long-term funds had net sales of $1.9 billion and money market funds had net redemptions of $496 million.

RBC released 3, 2020 reports

On April 6, 2020, RBC released the 2020 Environmental, Social and Governance (ESG) Performance Report, Task Force on Climate-related Financial Disclosures (TCFD) Report, and Green Bond Report, showing and demonstrating its commitments focused on helping clients thriving and communities grow.

Closure of three funds

On April 5, 2021,  RBC Global Asset Management Inc announced the closure of three finds from effective June 25, 2021. The three funds are  BlueBay $U.S. Global Convertible Bond Fund (Canada), BlueBay $U.S. Global Convertible Bond Class (Canada), and RBC Global Bond & Currency Fund.

June 23, 2021, is the last date for the Unitholders to redeem or switch their holdings in the above-mentioned Funds.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

Conclusion

There is no other recent news except the cash distribution for RBC ETFs which can justify its loss on Friday. RY stock in the past 12 months remained a stable stock and did not lose too much but its recent plunged in a bit strange.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Exit mobile version