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

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price upped by analysts at Scotiabank from C$275.00 to C$280.00 in a research report issued on Tuesday,BayStreet.CA reports. The firm presently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price target points to a potential downside of 0.43% from the stock’s current price.

A number of other equities analysts have also recently commented on RY. TD Securities reduced their price objective on shares of Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Jefferies Financial Group lifted their price objective on shares of Royal Bank of Canada from C$226.00 to C$232.00 in a research report on Wednesday, May 20th. Desjardins lifted their price objective on shares of Royal Bank of Canada from C$262.00 to C$275.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Barclays boosted their target price on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Finally, National Bank Financial boosted their target price on shares of Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. One investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$260.81.

Royal Bank of Canada Price Performance

RY stock traded up C$2.74 during midday trading on Tuesday, reaching C$281.20. 949,490 shares of the company were exchanged, compared to its average volume of 3,621,926. The business has a 50-day moving average price of C$252.11 and a two-hundred day moving average price of C$237.08. Royal Bank of Canada has a one year low of C$173.56 and a one year high of C$282.00. The firm has a market capitalization of C$390.77 billion, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 3.42 and a beta of 1.08.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released 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 net margin of 18.40% and a return on equity of 15.95%. The firm had revenue of C$17.45 billion during the quarter. As a group, analysts anticipate that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Graeme Ashley Hepworth sold 1,463 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of C$261.83, for a total value of C$383,057.29. Also, insider Bruce Washington Ross sold 38,730 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of C$270.88, for a total value of C$10,491,182.40. Following the completion of the transaction, the insider directly owned 235 shares of the company’s stock, valued at approximately C$63,656.80. This trade represents a 99.40% decrease in their position. Insiders have sold a total of 96,950 shares of company stock valued at $25,181,544 in the last 90 days.

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.