Scotiabank Increases Royal Bank of Canada (TSE:RY) Price Target to C$149.00

Royal Bank of Canada (TSE:RYGet Rating) (NYSE:RY) had its target price increased by equities researchers at Scotiabank from C$144.00 to C$149.00 in a report released on Tuesday, BayStreet.CA reports. Scotiabank’s target price suggests a potential upside of 10.62% from the stock’s previous close.

A number of other brokerages also recently issued reports on RY. Credit Suisse Group lifted their price target on shares of Royal Bank of Canada to C$150.00 in a research note on Tuesday. Canaccord Genuity Group decreased their price target on shares of Royal Bank of Canada from C$131.50 to C$130.50 in a research note on Thursday, August 25th. Fundamental Research reiterated a “buy” rating and issued a C$143.00 price target on shares of Royal Bank of Canada in a research note on Wednesday, September 7th. Cormark lifted their price target on shares of Royal Bank of Canada from C$147.00 to C$151.00 and gave the stock a “buy” rating in a research note on Thursday, August 25th. Finally, National Bankshares boosted their price objective on shares of Royal Bank of Canada from C$147.00 to C$148.00 and gave the stock an “outperform” rating in a research report on Thursday, August 25th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Royal Bank of Canada has a consensus rating of “Moderate Buy” and a consensus price target of C$143.42.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at C$134.69 on Tuesday. Royal Bank of Canada has a fifty-two week low of C$116.75 and a fifty-two week high of C$149.60. The company has a 50 day moving average price of C$126.11 and a 200 day moving average price of C$126.20. The stock has a market capitalization of C$187.45 billion and a P/E ratio of 12.27.

Royal Bank of Canada (TSE:RYGet Rating) (NYSE:RY) last issued its quarterly earnings results on Wednesday, August 24th. The financial services provider reported C$2.55 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of C$2.67 by C($0.12). The company had revenue of C$12.13 billion for the quarter. On average, research analysts forecast that Royal Bank of Canada will post 11.8399996 EPS for the current fiscal year.

Insider Activity at Royal Bank of Canada

In related news, Director David Ian Mckay sold 4,078 shares of the company’s stock in a transaction on Monday, October 24th. The shares were sold at an average price of C$124.89, for a total value of C$509,291.63. Following the completion of the sale, the director now owns 5,873 shares in the company, valued at approximately C$733,464.87. Insiders sold a total of 12,234 shares of company stock worth $1,559,529 in the last 90 days.

About Royal Bank of Canada

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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.

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Analyst Recommendations for Royal Bank of Canada (TSE:RY)

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