Royal Bank of Canada (TSE:RY) Given New C$270.00 Price Target at Canaccord Genuity Group

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective increased by investment analysts at Canaccord Genuity Group from C$260.00 to C$270.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The firm currently has a “buy” rating on the financial services provider’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 4.96% from the company’s current price.

Several other research firms have also commented on RY. Desjardins raised their price target on shares of Royal Bank of Canada from C$250.00 to C$262.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Raymond James Financial downgraded shares of Royal Bank of Canada from a “moderate buy” rating to a “hold” rating and raised their price target for the stock from C$248.00 to C$265.50 in a research report on Tuesday, May 12th. Barclays raised their price target on shares of Royal Bank of Canada from C$244.00 to C$245.00 in a research report on Friday, February 27th. Jefferies Financial Group raised their price target on shares of Royal Bank of Canada from C$217.00 to C$220.00 in a research report on Wednesday, February 11th. Finally, National Bank Financial raised their price target on shares of Royal Bank of Canada from C$257.00 to C$271.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Royal Bank of Canada presently has an average rating of “Moderate Buy” and an average target price of C$253.19.

Royal Bank of Canada Trading Up 1.9%

Shares of Royal Bank of Canada stock traded up C$4.70 during mid-day trading on Wednesday, hitting C$257.23. 1,264,759 shares of the stock were exchanged, compared to its average volume of 3,753,792. Royal Bank of Canada has a twelve month low of C$171.29 and a twelve month high of C$257.39. The stock has a market capitalization of C$357.68 billion, a price-to-earnings ratio of 17.67, a price-to-earnings-growth ratio of 3.42 and a beta of 1.14. The company has a 50-day simple moving average of C$235.11 and a 200 day simple moving average of C$229.00.

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

Insider Buying and Selling

In other Royal Bank of Canada news, insider Bruce Washington Ross sold 3,657 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total value of C$887,992.74. Following the sale, the insider directly owned 235 shares in the company, valued at approximately C$57,062.70. The trade was a 93.96% decrease in their ownership of the stock. Also, insider Graeme Ashley Hepworth sold 1,463 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of C$242.82, for a total transaction of C$355,245.66. Insiders sold a total of 29,110 shares of company stock valued at $7,068,490 in the last three months.

Royal Bank of Canada Company Profile

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.