Royal Bank of Canada (TSE:RY) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$210.10 and traded as high as C$233.35. Royal Bank of Canada shares last traded at C$232.72, with a volume of 2,647,762 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Desjardins increased their price objective on shares of Royal Bank of Canada from C$230.00 to C$240.00 and gave the company a “buy” rating in a research note on Thursday, December 18th. Jefferies Financial Group downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating and upped their price target for the company from C$213.00 to C$215.00 in a report on Tuesday, November 25th. Scotiabank increased their price target on shares of Royal Bank of Canada from C$231.00 to C$242.00 in a research report on Friday, January 9th. Barclays lifted their price objective on Royal Bank of Canada from C$221.00 to C$227.00 and gave the stock an “overweight” rating in a research report on Thursday, December 4th. Finally, UBS Group increased their target price on Royal Bank of Canada from C$225.00 to C$238.00 in a report on Tuesday, November 25th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of C$229.77.

Royal Bank of Canada Stock Up 0.7%

The business’s fifty day moving average price is C$230.89 and its 200 day moving average price is C$210.10. The firm has a market capitalization of C$325.86 billion, a PE ratio of 16.54, a P/E/G ratio of 3.42 and a beta of 1.28.

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 (EPS) for the quarter. The firm had revenue of C$17.21 billion for the quarter. Royal Bank of Canada had a net margin of 28.23% and a return on equity of 13.27%. As a group, sell-side analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insider Activity

In other news, Director David Ian Mckay sold 91,288 shares of Royal Bank of Canada stock in a transaction on Friday, December 12th. The stock was sold at an average price of C$228.75, for a total value of C$20,882,130.00. Following the completion of the sale, the director owned 5,873 shares of the company’s stock, valued at C$1,343,448.75. The trade was a 93.96% decrease in their ownership of the stock.

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. and other countries.