Royal Bank of Canada (TSE:RY) Price Target Lowered to C$114.00 at Eight Capital

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective cut by equities research analysts at Eight Capital from C$121.00 to C$114.00 in a note issued to investors on Wednesday, BayStreet.CA reports. Eight Capital’s price objective suggests a potential upside of 15.31% from the stock’s current price.

Several other brokerages also recently commented on RY. Canaccord Genuity decreased their price objective on shares of Royal Bank of Canada from C$108.00 to C$105.00 in a research report on Wednesday, May 15th. BMO Capital Markets raised their price objective on shares of Royal Bank of Canada from C$110.00 to C$114.00 in a research report on Friday, May 24th. National Bank Financial raised their price objective on shares of Royal Bank of Canada from C$110.00 to C$112.00 and gave the company an “outperform” rating in a research report on Friday, May 24th. Desjardins raised their price objective on shares of Royal Bank of Canada from C$108.00 to C$111.00 in a research report on Tuesday, May 14th. Finally, Citigroup reduced their price target on shares of Royal Bank of Canada from C$125.00 to C$120.00 in a report on Thursday, June 27th.

Shares of RY stock traded down C$1.85 on Wednesday, hitting C$98.86. 1,378,582 shares of the stock traded hands, compared to its average volume of 2,687,979. The stock has a market cap of $142.04 billion and a price-to-earnings ratio of 11.44. Royal Bank of Canada has a 52 week low of C$90.10 and a 52 week high of C$107.91. The business has a 50 day moving average price of C$103.85.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings data on Thursday, May 23rd. The financial services provider reported C$2.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of C$2.20 by C$0.03. The firm had revenue of C$11.50 billion for the quarter, compared to the consensus estimate of C$10.27 billion. As a group, equities analysts anticipate that Royal Bank of Canada will post 9.5499995 earnings per share for the current year.

In other news, Senior Officer Alex Douglas Mcgregor sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of C$104.46, for a total value of C$1,044,635.00. Following the sale, the insider now directly owns 54,675 shares in the company, valued at approximately C$5,711,541.86. Also, Senior Officer Helena Gottschling sold 882 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of C$104.67, for a total transaction of C$92,318.94. Following the completion of the sale, the insider now owns 1,415 shares in the company, valued at C$148,108.05. Over the last quarter, insiders sold 45,656 shares of company stock worth $4,783,938.

About Royal Bank of Canada

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.

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