Raymond James Financial Forecasts Strong Price Appreciation for Royal Bank of Canada (TSE:RY) Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective boosted by Raymond James Financial from C$239.00 to C$248.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Raymond James Financial’s price objective would indicate a potential upside of 5.99% from the company’s previous close.

RY has been the subject of a number of other research reports. National Bank Financial upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 1st. Scotiabank upped their price target on shares of Royal Bank of Canada from C$231.00 to C$242.00 in a research note on Friday, January 9th. Canadian Imperial Bank of Commerce increased their price objective on Royal Bank of Canada from C$229.00 to C$242.00 and gave the stock a “neutral” rating in a report on Friday, February 13th. BMO Capital Markets lifted their price objective on Royal Bank of Canada from C$229.00 to C$245.00 in a research report on Wednesday, December 17th. Finally, UBS Group upped their target price on Royal Bank of Canada from C$225.00 to C$238.00 in a research report on Tuesday, November 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of C$237.00.

Royal Bank of Canada Trading Up 1.3%

Shares of TSE RY opened at C$233.98 on Tuesday. Royal Bank of Canada has a one year low of C$151.25 and a one year high of C$240.34. The firm has a market capitalization of C$327.62 billion, a PE ratio of 16.63, a PEG ratio of 3.42 and a beta of 1.28. The business has a 50-day moving average price of C$232.66 and a two-hundred day moving average price of C$213.31.

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

Insiders Place Their Bets

In other Royal Bank of Canada news, Director David Ian Mckay sold 91,288 shares of the business’s stock in a transaction dated 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.