Desjardins Forecasts Strong Price Appreciation for Royal Bank of Canada (TSE:RY) Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price hoisted by stock analysts at Desjardins from C$262.00 to C$275.00 in a report issued on Friday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Desjardins’ price target indicates a potential upside of 6.01% from the stock’s current price.

Several other brokerages have also commented on RY. Jefferies Financial Group raised their price objective on Royal Bank of Canada from C$226.00 to C$232.00 in a report on Wednesday, May 20th. Canadian Imperial Bank of Commerce raised their price objective on Royal Bank of Canada from C$242.00 to C$258.00 and gave the company a “neutral” rating in a report on Thursday, May 14th. Raymond James Financial raised their price objective on Royal Bank of Canada from C$265.50 to C$270.50 and gave the company a “market perform” rating in a report on Friday. Scotiabank lifted their price target on 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. Finally, TD Securities lowered their price target on 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. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Royal Bank of Canada has a consensus rating of “Moderate Buy” and a consensus target price of C$258.50.

Royal Bank of Canada Trading Down 0.4%

RY traded down C$1.14 during trading on Friday, hitting C$259.40. The company’s stock had a trading volume of 1,116,860 shares, compared to its average volume of 3,728,900. Royal Bank of Canada has a twelve month low of C$171.29 and a twelve month high of C$265.10. The business’s fifty day simple moving average is C$240.41 and its 200 day simple moving average is C$231.76. The firm has a market capitalization of C$360.70 billion, a price-to-earnings ratio of 17.82, a P/E/G ratio of 3.42 and a beta of 1.14.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 EPS for the quarter. Royal Bank of Canada had a return on equity of 15.37% and a net margin of 20.88%.The company had revenue of C$17.45 billion for the quarter. As a group, equities research analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insider Transactions at Royal Bank of Canada

In related news, insider Graeme Ashley Hepworth sold 1,463 shares of Royal Bank of Canada stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of C$261.83, for a total transaction of C$383,057.29. Also, insider Bruce Washington Ross sold 3,657 shares of Royal Bank of Canada stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of C$261.83, for a total value of C$957,512.31. Following the transaction, the insider owned 235 shares in the company, valued at approximately C$61,530.05. The trade was a 93.96% decrease in their position. Over the last three months, insiders sold 58,220 shares of company stock valued at $14,690,362.

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.