Royal Bank of Canada (TSE:RY) Given New C$270.00 Price Target at Canaccord Genuity Group

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective increased by equities researchers at Canaccord Genuity Group from C$260.00 to C$270.00 in a report released on Wednesday,BayStreet.CA reports. The firm presently has a “buy” rating on the financial services provider’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 4.96% from the company’s previous close.

RY has been the topic of several other reports. Jefferies Financial Group upped their target price on shares of Royal Bank of Canada from C$217.00 to C$220.00 in a research note on Wednesday, February 11th. Desjardins upped their target price on shares of Royal Bank of Canada from C$250.00 to C$262.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. TD Securities cut their target price on shares of Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Raymond James Financial downgraded shares of Royal Bank of Canada from a “moderate buy” rating to a “hold” rating and upped their target price for the stock from C$248.00 to C$265.50 in a research note on Tuesday, May 12th. Finally, Scotiabank upped their target price on shares of Royal Bank of Canada from C$247.00 to C$252.00 and gave the stock a “sector outperform” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of C$253.19.

Royal Bank of Canada Stock Performance

Shares of TSE:RY traded up C$4.70 during midday trading on Wednesday, hitting C$257.23. The company’s stock had a trading volume of 1,264,759 shares, compared to its average volume of 3,753,792. The business’s 50 day simple moving average is C$235.11 and its 200 day simple moving average is C$229.00. The company has a market cap of C$357.68 billion, a P/E ratio of 17.67, a price-to-earnings-growth ratio of 3.42 and a beta of 1.14. Royal Bank of Canada has a 12-month low of C$171.29 and a 12-month high of C$257.39.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings data on Thursday, February 26th. The financial services provider reported C$4.08 EPS for the quarter. The firm had revenue of C$17.96 billion for the quarter. Royal Bank of Canada had a net margin of 20.88% and a return on equity of 15.37%. On average, sell-side analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Royal Bank of Canada news, Director David Ian Mckay sold 23,089 shares of the company’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total transaction of C$5,606,470.98. Following the completion of the transaction, the director owned 5,873 shares in the company, valued at approximately C$1,426,081.86. This represents a 79.72% decrease in their position. Also, insider Graeme Ashley Hepworth sold 1,463 shares of the company’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of C$242.82, for a total transaction of C$355,245.66. In the last 90 days, insiders have sold 29,110 shares of company stock worth $7,068,490.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.