Canaccord Genuity Group Increases Royal Bank of Canada (TSE:RY) Price Target to C$188.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price raised by equities researchers at Canaccord Genuity Group from C$172.00 to C$188.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. Canaccord Genuity Group’s target price would indicate a potential upside of 9.86% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Barclays increased their price target on shares of Royal Bank of Canada from C$145.00 to C$150.00 in a research note on Tuesday, August 20th. BMO Capital Markets increased their price target on shares of Royal Bank of Canada from C$165.00 to C$195.00 in a research note on Monday. Bank of America raised their target price on shares of Royal Bank of Canada from C$162.00 to C$180.00 in a research note on Thursday, August 29th. Jefferies Financial Group cut their target price on shares of Royal Bank of Canada from C$168.00 to C$165.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, Scotiabank cut their target price on shares of Royal Bank of Canada from C$157.00 to C$154.00 in a research note on Monday, August 19th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$167.08.

Royal Bank of Canada Stock Performance

RY traded down C$0.47 on Tuesday, hitting C$171.13. 514,672 shares of the company were exchanged, compared to its average volume of 4,858,020. The business’s fifty day moving average is C$169.41 and its 200 day moving average is C$155.69. The firm has a market capitalization of C$241.29 billion, a P/E ratio of 15.15, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a fifty-two week low of C$115.57 and a fifty-two week high of C$175.04.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 EPS for the quarter, beating the consensus estimate of C$2.95 by C$0.31. The business had revenue of C$14.63 billion for the quarter, compared to analyst estimates of C$14.27 billion. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. Analysts forecast that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Insider Transactions at Royal Bank of Canada

In related news, Director David Ian Mckay sold 74,852 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of C$164.59, for a total transaction of C$12,320,115.24. Also, Senior Officer Douglas Antony Guzman sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of C$165.00, for a total transaction of C$2,475,000.00. Following the transaction, the insider now directly owns 25 shares in the company, valued at C$4,125. The trade was a 99.83 % decrease in their ownership of the stock. Insiders have sold 144,770 shares of company stock valued at $23,959,265 in the last quarter.

About Royal Bank of Canada

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.