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 price objective hoisted by equities researchers at Canaccord Genuity Group from C$270.00 to C$280.00 in a note issued to investors on Friday,BayStreet.CA reports. The firm presently has a “buy” rating on the financial services provider’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 7.94% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Desjardins boosted their price target on shares of Royal Bank of Canada from C$250.00 to C$262.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Jefferies Financial Group boosted their price target on shares of Royal Bank of Canada from C$226.00 to C$232.00 in a report on Wednesday, May 20th. TD boosted their price target on shares of Royal Bank of Canada from C$259.00 to C$267.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. 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 stock a “neutral” rating in a report on Thursday, May 14th. Finally, National Bank Financial upped their price objective on shares of Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and a consensus price target of C$258.50.

Royal Bank of Canada Trading Down 0.4%

Shares of TSE:RY traded down C$1.14 during midday trading on Friday, reaching C$259.40. The company had a trading volume of 1,116,860 shares, compared to its average volume of 3,728,900. The company’s 50 day moving average price is C$240.41 and its 200 day moving average price is C$231.76. The stock has a market cap of C$360.70 billion, a P/E ratio of 17.82, a P/E/G ratio of 3.42 and a beta of 1.14. Royal Bank of Canada has a 52-week low of C$171.29 and a 52-week high of C$265.10.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share 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%. Research analysts forecast that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Insider Buying and Selling at Royal Bank of Canada

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

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.