Bank of America Boosts Royal Bank of Canada (TSE:RY) Price Target to C$180.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target upped by Bank of America from C$162.00 to C$180.00 in a research report report published on Thursday, BayStreet.CA reports.

A number of other equities research analysts have also issued reports on RY. Argus raised shares of Royal Bank of Canada to a strong-buy rating in a report on Thursday, June 6th. BMO Capital Markets cut shares of Royal Bank of Canada from a strong-buy rating to a hold rating in a research note on Friday, May 31st. CIBC boosted their price target on shares of Royal Bank of Canada from C$155.00 to C$166.00 in a research note on Thursday. Jefferies Financial Group dropped their price objective on shares of Royal Bank of Canada from C$168.00 to C$165.00 and set a buy rating for the company in a report on Monday, August 12th. Finally, Canaccord Genuity Group lifted their target price on Royal Bank of Canada from C$159.50 to C$172.00 in a report on Thursday. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of Buy and a consensus price target of C$161.50.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at C$162.98 on Thursday. The stock has a fifty day simple moving average of C$151.42 and a two-hundred day simple moving average of C$142.61. Royal Bank of Canada has a 52-week low of C$107.92 and a 52-week high of C$163.06. The firm has a market capitalization of C$231.43 billion, a PE ratio of 14.44, a PEG ratio of 10.64 and a beta of 0.85.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share (EPS) for the quarter, topping the consensus estimate of C$2.95 by C$0.31. The firm had revenue of C$14.63 billion during the quarter, compared to analysts’ expectations of C$14.27 billion. Royal Bank of Canada had a return on equity of 13.38% and a net margin of 28.37%. On average, sell-side analysts forecast that Royal Bank of Canada will post 12.8601286 EPS for the current fiscal year.

Royal Bank of Canada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, October 24th will be given a dividend of $1.42 per share. The ex-dividend date is Thursday, October 24th. This represents a $5.68 dividend on an annualized basis and a yield of 3.49%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 50.31%.

Insider Activity

In other news, Senior Officer Douglas Antony Guzman sold 54,354 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of C$145.15, for a total transaction of C$7,889,646.16. Following the transaction, the insider now owns 25 shares of the company’s stock, valued at approximately C$3,628.83. In other news, Senior Officer Douglas Antony Guzman sold 54,354 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of C$145.15, for a total value of C$7,889,646.16. Following the completion of the sale, the insider now owns 25 shares in the company, valued at approximately C$3,628.83. Also, Senior Officer Bruce Washington Ross sold 12,170 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of C$141.46, for a total transaction of C$1,721,604.71. Following the transaction, the insider now owns 235 shares in the company, valued at C$33,243.81. Insiders sold 101,302 shares of company stock valued at $14,592,565 in the last ninety days.

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 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.