Canaccord Genuity Group Issues Positive Forecast for Royal Bank of Canada (TSE:RY) Stock Price

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price raised by Canaccord Genuity Group from C$280.00 to C$282.00 in a report published on Friday morning,BayStreet.CA reports. Canaccord Genuity Group currently has a buy rating on the financial services provider’s stock.

Other analysts also recently issued reports about the company. TD raised their target price on Royal Bank of Canada from C$267.00 to C$272.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Jefferies Financial Group raised their target price on Royal Bank of Canada from C$226.00 to C$232.00 in a research note on Wednesday, May 20th. National Bank Financial raised their target price on Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. TD Securities reduced their target price on Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Finally, Raymond James Financial raised their target price on Royal Bank of Canada from C$265.50 to C$270.50 and gave the company a “market perform” rating in a research note on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of C$260.42.

Royal Bank of Canada Trading Down 0.1%

Shares of Royal Bank of Canada stock opened at C$270.60 on Friday. The business has a 50-day moving average price of C$245.73 and a two-hundred day moving average price of C$234.09. The company has a market cap of C$376.05 billion, a P/E ratio of 17.59, a PEG ratio of 3.42 and a beta of 1.08. Royal Bank of Canada has a 1-year low of C$173.39 and a 1-year high of C$272.35.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its earnings results on Thursday, May 28th. The financial services provider reported C$3.90 EPS for the quarter. The company had revenue of C$17.45 billion during the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%. Equities research analysts forecast that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Royal Bank of Canada Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 22nd were paid a dividend of $1.64 per share. The ex-dividend date was Thursday, April 23rd. This represents a $6.56 dividend on an annualized basis and a yield of 2.4%. Royal Bank of Canada’s payout ratio is 41.35%.

Insider Buying and Selling at Royal Bank of Canada

In other Royal Bank of Canada news, insider Bruce Washington Ross sold 3,657 shares of Royal Bank of Canada stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of C$261.83, for a total transaction of C$957,512.31. Following the transaction, the insider owned 235 shares of the company’s stock, valued at C$61,530.05. This trade represents a 93.96% decrease in their position. Also, insider Katherine Gibson sold 462 shares of Royal Bank of Canada stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of C$261.83, for a total transaction of C$120,965.46. Following the transaction, the insider directly owned 290 shares in the company, valued at approximately C$75,930.70. This represents a 61.44% decrease in their position. In the last three months, insiders have sold 58,220 shares of company stock worth $14,690,362.

Royal Bank of Canada Company Profile

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.