Royal Bank of Canada (TSE:RY) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price hoisted by Canaccord Genuity Group from C$270.00 to C$280.00 in a report issued on Friday,BayStreet.CA reports. The firm presently has a “buy” rating on the financial services provider’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 7.94% from the company’s current price.

A number of other brokerages have also commented on RY. Scotiabank boosted their price target on shares of Royal Bank of Canada from C$247.00 to C$252.00 and gave the company a “sector outperform” rating in a research note on Monday, May 4th. Desjardins boosted their price target on shares of Royal Bank of Canada from C$250.00 to C$262.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. TD boosted their price target on shares of Royal Bank of Canada from C$259.00 to C$267.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. Raymond James Financial lowered shares of Royal Bank of Canada from a “moderate buy” rating to a “hold” rating and boosted their price target for the company from C$248.00 to C$265.50 in a research note on Tuesday, May 12th. Finally, Canadian Imperial Bank of Commerce boosted their price target on shares of Royal Bank of Canada from C$242.00 to C$258.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$258.50.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock traded down C$1.14 during trading on Friday, reaching C$259.40. 1,116,860 shares of the company traded hands, compared to its average volume of 3,728,900. Royal Bank of Canada has a 1-year low of C$171.29 and a 1-year high of C$265.10. The company has a 50 day moving average price of C$240.41 and a 200-day moving average price of C$231.76. The firm has a market capitalization of C$360.70 billion, a PE 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 released its earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. The company had revenue of C$17.45 billion for the quarter. Royal Bank of Canada had a net margin of 20.88% and a return on equity of 15.37%. Equities research analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Insider Transactions at Royal Bank of Canada

In other news, insider Katherine Gibson sold 462 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of C$261.83, for a total value of C$120,965.46. Following the completion of the sale, the insider owned 290 shares in the company, valued at C$75,930.70. This represents a 61.44% decrease in their position. Also, insider Jennifer Kristine Publicover sold 439 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of C$261.83, for a total transaction of C$114,943.37. Following the completion of the sale, the insider owned 152 shares of the company’s stock, valued at approximately C$39,798.16. The trade was a 74.28% decrease in their position. Over the last 90 days, insiders have sold 58,220 shares of company stock worth $14,690,362.

Royal Bank of Canada Company Profile

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.