Canaccord Genuity Group Issues Positive Forecast for Royal Bank of Canada (TSE:RY) Stock Price

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target upped by stock analysts at Canaccord Genuity Group from C$282.00 to C$310.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 4.28% from the stock’s previous close.

RY has been the topic of several other research reports. Canadian Imperial Bank of Commerce upped their price target on Royal Bank of Canada from C$258.00 to C$279.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Barclays boosted their price objective on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Scotiabank upped their target price on shares of Royal Bank of Canada from C$275.00 to C$280.00 and gave the company a “sector outperform” rating in a research report on Tuesday, June 16th. Jefferies Financial Group lifted their price target on shares of Royal Bank of Canada from C$226.00 to C$232.00 in a research report on Wednesday, May 20th. Finally, 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 research note on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of C$262.96.

Royal Bank of Canada Stock Performance

Shares of TSE RY traded up C$2.00 during midday trading on Tuesday, reaching C$297.29. 1,205,761 shares of the stock were exchanged, compared to its average volume of 3,564,493. The stock has a market capitalization of C$413.13 billion, a P/E ratio of 19.33, a PEG ratio of 3.42 and a beta of 1.05. The company has a 50 day simple moving average of C$266.16 and a 200 day simple moving average of C$243.56. Royal Bank of Canada has a twelve month low of C$175.50 and a twelve month high of C$297.29.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 EPS for the quarter. The firm had revenue of C$17.45 billion for the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%. On average, research analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Insider Activity at Royal Bank of Canada

In other news, Director David Ian Mckay sold 133,130 shares of the stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of C$287.21, for a total transaction of C$38,236,267.30. Following the sale, the director owned 5,873 shares of the company’s stock, valued at approximately C$1,686,784.33. This represents a 95.77% decrease in their ownership of the stock. Also, insider Neil Mclaughlin sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of C$287.72, for a total transaction of C$1,150,880.00. Insiders sold 353,645 shares of company stock worth $98,785,630 in the last three months.

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.