Bank of Montreal Discloses 77.1M+ Shares in Royal Bank of Canada

TL;DR

**BMO owns a huge chunk of RBC, signaling big bank confidence.**

AI Summary

Bank of Montreal filed an amended Schedule 13G/A on February 9, 2024, disclosing its beneficial ownership in Royal Bank of Canada. As of December 31, 2023, Bank of Montreal holds sole voting power over 77,186,948 common shares and sole dispositive power over 77,294,342 common shares of Royal Bank of Canada. This filing indicates a significant institutional holding by a competitor, which could signal confidence in the banking sector but also potential competitive dynamics for investors in either bank.

Why It Matters

This filing reveals a major Canadian bank, Bank of Montreal, holds a substantial stake in its competitor, Royal Bank of Canada, which could influence market perception and competitive strategies within the Canadian banking sector.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of an institutional holding and does not indicate any immediate financial distress or significant change in company operations.

Analyst Insight

Investors in Royal Bank of Canada should note that a major competitor, Bank of Montreal, holds a significant stake, which could be a sign of institutional confidence in the sector, but also warrants monitoring for any potential competitive implications or changes in ownership.

Key Numbers

• 77,186,948 — Sole Voting Power Shares (Represents the number of Royal Bank of Canada common shares Bank of Montreal can vote.)
• 77,294,342 — Sole Dispositive Power Shares (Represents the number of Royal Bank of Canada common shares Bank of Montreal can sell or transfer.)

Key Players & Entities

• BANK OF MONTREAL /CAN/ (company) — the reporting person and beneficial owner
• ROYAL BANK OF CANADA (company) — the subject company (issuer) whose shares are being reported
• 77,186,948 (dollar_amount) — number of common shares with sole voting power held by Bank of Montreal
• 77,294,342 (dollar_amount) — number of common shares with sole dispositive power held by Bank of Montreal
• December 31, 2023 (date) — the date of the event requiring the filing

FAQ

Filing Documents

• rya1_20824.htm (SC 13G/A) — 116KB
• 0001085146-24-000930.txt ( ) — 117KB

(a)

ITEM 1(a). NAME OF ISSUER: Royal Bank of Canada

(b)

ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: 9th Floor, South Tower Royal Bank Plaza 200 Bay Street, Toronto, CA-ON, M5J 2J5, CA

(a)

ITEM 2(a). NAME OF PERSON FILING: BANK OF MONTREAL BANK OF MONTREAL HOLDING INC. BMO NESBITT BURNS INC. WEALTH MANAGEMENT BMO NESBITT BURNS SECURITIES LTD. BMO PRIVATE INVESTMENT COUNSEL INC. BMO ASSET MANAGEMENT INC. BMO ASSET MANAGEMENT INC. BMO FINANCIAL CORP. BMO BANK N.A. BMO FAMILY OFFICE, LLC STOKER OSTLER WEALTH ADVISORS, INC. BANK OF MONTREAL EUROPE PUBLIC LIMITED COMPANY BANK OF MONTREAL, TORONTO BRANCH

(b)

ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: 1 PLACE Ville Marie, Montreal, CA-QC, H3B 3A9, CA

(c)

ITEM 2(c). CITIZENSHIP: Canada Canada Canada Canada Canada Canada Canada United States United States United States United States Ireland Canada

(d)

ITEM 2(d). TITLE OF CLASS OF SECURITIES: Common Shares

(e)

ITEM 2(e). CUSIP NUMBER: 780087102 ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A: (a) [X] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c); (b) [X] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c); (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8); (e) [X] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F); (g) [X] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J); (k) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution: ITEM 4. (a) Amount beneficially owned: 77,294,342 (b) Percent of class: 5.5% (c) Number of shares as to which the person has: (i) sole power to vote or to direct the vote: 77,186,948~62,894,518~39,761,777~27,384,277~23,466,324~23,466,324~11,278~10,733~545~415,688~13,865,464 (ii) shared power to vote or to direct the vote: (iii) sole power to dispose or direct the disposition of: BANK OF MONTREAL - 77,294,342 BANK OF MONTREAL HOLDING INC. - 62,999,695 BMO NESBITT BURNS INC. WEALTH MANAGEMENT - 39,866,954 BMO NESBITT BURNS SECURITIES LTD. - 105,177 BMO PRIVATE INVESTMENT COUNSEL INC. - 27,384,277 BMO ASSET MANAGEME

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