Scotiabank Boosts Royal Bank of Canada (TSE:RY) Price Target to C$231.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target increased by research analysts at Scotiabank from C$218.00 to C$231.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Scotiabank’s price target would indicate a potential upside of 2.79% from the company’s current price.

Several other research analysts have also weighed in on the company. Cibc World Mkts lowered Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 5th. Natl Bk Canada raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 1st. CIBC lifted their target price on Royal Bank of Canada from C$208.00 to C$220.00 in a report on Wednesday, November 19th. Canaccord Genuity Group boosted their price target on Royal Bank of Canada from C$201.00 to C$219.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Finally, UBS Group increased their price target on Royal Bank of Canada from C$225.00 to C$238.00 in a report on Tuesday, November 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of C$224.23.

Royal Bank of Canada Stock Performance

Shares of TSE RY opened at C$224.72 on Thursday. The company’s 50 day moving average price is C$207.89 and its 200-day moving average price is C$192.91. Royal Bank of Canada has a 52-week low of C$151.25 and a 52-week high of C$225.48. The company has a market capitalization of C$316.92 billion, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 3.42 and a beta of 1.29.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its earnings results on Wednesday, December 3rd. The financial services provider reported C$3.85 earnings per share for the quarter. The business had revenue of C$17.21 billion during the quarter. Royal Bank of Canada had a net margin of 28.23% and a return on equity of 13.27%. Analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

About Royal Bank of Canada

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.