Royal Bank of Canada (TSE:RY) Price Target Raised to C$318.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective lifted by equities researchers at Canaccord Genuity Group from C$310.00 to C$318.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 11.92% from the stock’s current price.

Several other brokerages have also commented on RY. Jefferies Financial Group lifted their price objective on Royal Bank of Canada from C$240.00 to C$268.00 in a report on Thursday, August 13th. Keefe, Bruyette & Woods set a C$316.00 price objective on shares of Royal Bank of Canada and gave the stock a “hold” rating in a report on Friday, August 21st. Desjardins upped their target price on shares of Royal Bank of Canada from C$275.00 to C$320.00 and gave the company a “buy” rating in a report on Wednesday, August 5th. Scotiabank lifted their price target on shares of Royal Bank of Canada from C$275.00 to C$280.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, June 16th. Finally, Barclays raised their target price on Royal Bank of Canada from C$260.00 to C$300.00 in a report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of C$292.64.

Royal Bank of Canada Stock Performance

Shares of RY stock traded up C$0.66 during trading hours on Friday, reaching C$284.13. The company had a trading volume of 1,212,816 shares, compared to its average volume of 3,518,058. The business has a fifty day moving average price of C$293.48 and a 200-day moving average price of C$260.55. Royal Bank of Canada has a one year low of C$197.58 and a one year high of C$306.38. The firm has a market cap of C$394.84 billion, a PE ratio of 18.47, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its earnings results on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share (EPS) for the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. The company had revenue of C$18.54 billion for the quarter. Equities research analysts forecast that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Insider Buying and Selling

In other Royal Bank of Canada news, insider Bruce Washington Ross sold 45,670 shares of Royal Bank of Canada stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of C$293.11, for a total value of C$13,386,333.70. Following the sale, the insider directly owned 235 shares in the company, valued at approximately C$68,880.85. The trade was a 99.49% decrease in their position. Also, insider Neil Mclaughlin sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of C$287.72, for a total value of C$1,150,880.00. Over the last quarter, insiders sold 352,767 shares of company stock worth $100,643,023.

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.