Brokerages Set Royal Bank of Canada (TSE:RY) Target Price at C$244.58

Royal Bank of Canada (TSE:RY) (NYSE:RY) has earned an average recommendation of “Moderate Buy” from the eleven ratings firms that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is C$244.58.

RY has been the subject of several recent research reports. Canadian Imperial Bank of Commerce increased their price target on Royal Bank of Canada from C$229.00 to C$242.00 and gave the company a “neutral” rating in a report on Friday, February 13th. Scotiabank boosted their price objective on Royal Bank of Canada from C$242.00 to C$247.00 and gave the stock an “outperform” rating in a research note on Friday, February 27th. Raymond James Financial raised their target price on Royal Bank of Canada from C$255.00 to C$260.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Canaccord Genuity Group lifted their price target on Royal Bank of Canada from C$242.00 to C$255.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Finally, Desjardins boosted their price target on shares of Royal Bank of Canada from C$247.00 to C$250.00 and gave the company a “buy” rating in a research report on Friday, February 27th.

Royal Bank of Canada Trading Up 0.6%

RY stock opened at C$224.51 on Friday. Royal Bank of Canada has a 12-month low of C$151.25 and a 12-month high of C$240.34. The stock has a market cap of C$313.41 billion, a price-to-earnings ratio of 15.42, a PEG ratio of 3.42 and a beta of 1.22. The business’s 50-day moving average is C$229.23 and its 200 day moving average is C$219.57.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings data on Thursday, February 26th. The financial services provider reported C$4.08 earnings per share for the quarter. Royal Bank of Canada had a return on equity of 15.37% and a net margin of 20.88%.The company had revenue of C$17.96 billion for the quarter. As a group, equities analysts forecast that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Royal Bank of Canada Company Profile

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S. and other countries.