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Stock Market & Financial Investment News

News Breaks
March 21, 2014
05:38 EDTCYNCity National upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo upgraded City National citing valuation and upside potential as the markets anticipate higher short term rates in 2015. Wells raised its price target range for shares to $88-$90 from $72-$75.
News For CYN From The Last 14 Days
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January 26, 2015
08:40 EDTCYNCity National downgraded to Hold from Buy at Sandler O'Neill
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January 23, 2015
10:02 EDTCYNOn the Fly: Analyst Downgrade Summary
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08:45 EDTCYNCity National downgraded to Hold from Buy at Maxim
Maxim downgraded City National to Hold following the company's sale to the Royal Bank of Canada.
06:43 EDTCYNCity National downgraded to Market Perform from Outperform at Raymond James
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January 22, 2015
16:27 EDTCYNOn The Fly: Closing Wrap
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13:59 EDTCYNRoyal Bank of Canada not planning further large acquisitions, Reuters says
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12:28 EDTCYNOn The Fly: Midday Wrap
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09:16 EDTCYNOn The Fly: Pre-market Movers
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08:03 EDTCYNRoyal Bank of Canada to host conference call
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07:20 EDTCYNCity National raises dividend to 35c from 33c
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07:19 EDTCYNCity National reports Q4 EPS $1.10, consensus $1.12
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07:14 EDTCYNCity National volatility elevated into Royal Bank of Canada acquiring for $5.4B
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07:05 EDTCYNRoyal Bank of Canada to acquire City National for $93.80 per share
City National Corporation (CYN) and Royal Bank of Canada (RY) announced a definitive agreement by which Royal Bank of Canada will acquire all outstanding shares of City National Corp. Total consideration is valued at approximately $5.4B at announcement, or approximately $93.80 per City National share, comprised of a mix of cash and common stock, based on RBC's closing stock price on January 21. The agreement has been approved by the boards of both companies. Following completion of this transaction, Russell Goldsmith will remain Chairman and CEO of City National, and he also will be responsible for RBC's U.S. Wealth Management unit. Goldsmith has served as City National's CEO since 1995. RBC will pay, on average, approximately $47.25 in cash and 0.7489 of an RBC common share for each share of City National common stock. City National stockholders will be entitled to elect to receive the merger consideration in RBC common shares or cash, subject to certain adjustments and limitations. The aggregate consideration will be paid with approximately $2.7B in cash and approximately 44M RBC common shares. This represents approximately a 50% cash and 50% share mix as of announcement. The total number of RBC common shares to be issued and the amount of cash to be paid in the transaction are both fixed. As part of the transaction, the Goldsmith family stockholders have agreed to vote their City National holdings in favor of the transaction and to hold at least 50% of the RBC common shares received by them in the transaction until the third anniversary of closing. The transaction is expected to be accretive to RBC's earnings per share in the latter part of year three and accretive to earnings in year two. Given RBC's strong capital position and internal capital generation, the company expects to maintain its ongoing capital management program, and to maintain a Common Equity Tier 1 ratio at closing broadly in line with its current level. RBC's CET 1 ratio was 9.9% as of October 31, 2014. Closing is expected before the end of calendar 2015 subject to customary closing conditions, including receipt of required regulatory approvals and the approval of City National's stockholders.
07:02 EDTCYNRoyal Bank of Canada to acquire City National for $93.80 per share
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January 13, 2015
11:09 EDTCYNEaton Vance reports 5.37% passive stake in City National

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