Scotiabank Issues Positive Forecast for Royal Bank of Canada (TSE:RY) Stock Price

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective upped by investment analysts at Scotiabank from C$252.00 to C$275.00 in a research report issued on Monday,BayStreet.CA reports. The brokerage currently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s price target indicates a potential upside of 4.99% from the company’s current price.

Several other equities research analysts have also issued reports on RY. Raymond James Financial boosted their price target on shares of Royal Bank of Canada from C$265.50 to C$270.50 and gave the company a “market perform” rating in a report on Friday. Canaccord Genuity Group upped their target price on shares of Royal Bank of Canada from C$270.00 to C$280.00 and gave the stock a “buy” rating in a report on Friday. Canadian Imperial Bank of Commerce upped their target price on shares of Royal Bank of Canada from C$258.00 to C$279.00 and gave the stock a “neutral” rating in a report on Friday. Barclays upped their target price on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Jefferies Financial Group upped their target price on shares of Royal Bank of Canada from C$226.00 to C$232.00 in a report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of C$260.27.

Royal Bank of Canada Price Performance

RY stock traded down C$2.52 on Monday, reaching C$261.92. 1,444,323 shares of the company were exchanged, compared to its average volume of 3,749,152. Royal Bank of Canada has a 12 month low of C$172.98 and a 12 month high of C$265.10. The stock’s fifty day moving average price is C$241.24 and its 200 day moving average price is C$232.17. The firm has a market capitalization of C$363.99 billion, a PE ratio of 17.03, a PEG ratio of 3.42 and a beta of 1.14.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. The firm had revenue of C$17.45 billion for the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. As a group, research analysts expect 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, insider Bruce Washington Ross sold 3,657 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of C$261.83, for a total value of C$957,512.31. Following the completion of the transaction, the insider directly owned 235 shares of the company’s stock, valued at C$61,530.05. This trade represents a 93.96% decrease in their position. Also, insider Katherine Gibson sold 462 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of C$261.83, for a total transaction of C$120,965.46. Following the transaction, the insider directly owned 290 shares of the company’s stock, valued at C$75,930.70. This represents a 61.44% decrease in their ownership of the stock. Insiders sold a total of 58,220 shares of company stock worth $14,690,362 over the last ninety 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.