Royal Bank of Canada (TSE:RY) Price Target Raised to C$242.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price hoisted by Canadian Imperial Bank of Commerce from C$229.00 to C$242.00 in a research note published on Friday morning,BayStreet.CA reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other research firms also recently commented on RY. National Bank Financial raised Royal Bank of Canada from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from C$203.00 to C$231.00 in a research note on Monday, November 17th. Desjardins boosted their target price on shares of Royal Bank of Canada from C$240.00 to C$247.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Canaccord Genuity Group increased their price target on shares of Royal Bank of Canada from C$242.00 to C$255.00 and gave the stock a “buy” rating in a research report on Thursday. BMO Capital Markets lifted their price objective on shares of Royal Bank of Canada from C$229.00 to C$245.00 in a research note on Wednesday, December 17th. Finally, Barclays upped their target price on Royal Bank of Canada from C$221.00 to C$227.00 and gave the stock an “overweight” rating in a research note on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of C$235.54.

Royal Bank of Canada Trading Up 0.2%

Shares of RY stock opened at C$230.98 on Friday. The stock has a market cap of C$323.42 billion, a P/E ratio of 16.42, a price-to-earnings-growth ratio of 3.42 and a beta of 1.28. Royal Bank of Canada has a 1 year low of C$151.25 and a 1 year high of C$240.34. The stock has a 50 day simple moving average of C$232.34 and a 200 day simple moving average of C$212.42.

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

Insider Activity

In other news, Director David Ian Mckay sold 91,288 shares of the 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 transaction, the director directly owned 5,873 shares in the company, valued at approximately C$1,343,448.75. This represents a 93.96% decrease in their position.

Royal Bank of Canada Company Profile

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.