Scotiabank Lowers Royal Bank of Canada (RY) to Sector Perform
Royal Bank of Canada (TSE:RY) (NYSE:RY) was downgraded by Scotiabank from an “outperform” rating to a “sector perform” rating in a report released on Monday. They currently have a C$100.00 target price on the financial services provider’s stock, down from their previous target price of C$102.00. Scotiabank’s price objective suggests a potential upside of 8.40% from the company’s current price.
Separately, National Bank Financial reaffirmed a “sector perform” rating and issued a C$99.00 target price on shares of Royal Bank of Canada in a report on Friday, May 26th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of C$95.67.
Shares of Royal Bank of Canada (RY) traded down 0.02% on Monday, reaching $92.23. 1,584,716 shares of the company traded hands. Royal Bank of Canada has a one year low of $79.75 and a one year high of $99.90. The firm’s 50 day moving average is $94.07 and its 200 day moving average is $95.06. The company has a market capitalization of $134.37 billion and a P/E ratio of 12.55.
In other Royal Bank of Canada news, insider Jennifer Anne Tory sold 360 shares of the company’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of C$93.63, for a total transaction of C$33,706.80. Also, Director Thierry Vandal sold 750 shares of the company’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of C$93.61, for a total transaction of C$70,207.50. Insiders have sold 40,400 shares of company stock valued at $3,756,065 over the last three months.
About Royal Bank of Canada
Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.
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