Royal Bank of Canada (TSE:RY) Price Target Cut to C$94.00

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Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target decreased by analysts at National Bank Financial from C$119.00 to C$94.00 in a note issued to investors on Wednesday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. National Bank Financial’s target price points to a potential upside of 8.78% from the stock’s previous close.

A number of other research firms have also commented on RY. Desjardins lowered Royal Bank of Canada from a “buy” rating to a “hold” rating in a research report on Wednesday, December 4th. Scotiabank upped their price target on Royal Bank of Canada from C$114.00 to C$116.00 in a research report on Thursday, February 20th. Finally, TD Securities lowered their price target on Royal Bank of Canada from C$115.00 to C$105.00 and set a “buy” rating for the company in a research report on Friday, March 20th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of C$109.73.

RY opened at C$86.41 on Wednesday. The business has a 50 day simple moving average of C$97.96 and a two-hundred day simple moving average of C$103.93. The firm has a market capitalization of $111.78 billion and a price-to-earnings ratio of 9.60. Royal Bank of Canada has a one year low of C$72.00 and a one year high of C$109.68.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly earnings results on Friday, February 21st. The financial services provider reported C$2.44 EPS for the quarter, beating analysts’ consensus estimates of C$2.30 by C$0.14. The business had revenue of C$12.84 billion for the quarter, compared to the consensus estimate of C$12.11 billion. On average, analysts anticipate that Royal Bank of Canada will post 9.7200002 earnings per share for the current fiscal year.

In other Royal Bank of Canada news, Director David Ian Mckay sold 7,516 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of C$108.03, for a total transaction of C$811,983.54. Following the transaction, the director now owns 5,873 shares in the company, valued at approximately C$634,483.68. Insiders have sold a total of 22,548 shares of company stock worth $2,246,115 in the last quarter.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.

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Analyst Recommendations for Royal Bank of Canada (TSE:RY)

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