Royal Bank of Canada (TSE:RY) Given New C$270.50 Price Target at Raymond James Financial

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective boosted by Raymond James Financial from C$265.50 to C$270.50 in a research note published on Friday,BayStreet.CA reports. They currently have a market perform rating on the financial services provider’s stock.

Other equities research analysts have also recently issued research reports about the company. Scotiabank upped their price objective on Royal Bank of Canada from C$247.00 to C$252.00 and gave the stock a “sector outperform” rating in a research note on Monday, May 4th. Barclays boosted their target price on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an “overweight” rating in a report on Friday. TD upped their price target on shares of Royal Bank of Canada from C$267.00 to C$272.00 and gave the stock a “buy” rating in a research report on Friday. Canaccord Genuity Group increased their price target on shares of Royal Bank of Canada from C$270.00 to C$280.00 and gave the company a “buy” rating in a research note on Friday. Finally, Desjardins lifted their price objective on shares of Royal Bank of Canada from C$250.00 to C$262.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of C$258.50.

Royal Bank of Canada Stock Up 1.5%

TSE:RY opened at C$264.44 on Friday. Royal Bank of Canada has a twelve month low of C$171.29 and a twelve month high of C$265.10. The business has a 50 day moving average price of C$241.24 and a two-hundred day moving average price of C$231.99. The company has a market cap of C$367.71 billion, a P/E ratio of 18.16, a price-to-earnings-growth ratio of 3.42 and a beta of 1.14.

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

Royal Bank of Canada Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 22nd were given a dividend of $1.64 per share. The ex-dividend date of this dividend was Thursday, April 23rd. This represents a $6.56 annualized dividend and a yield of 2.5%. Royal Bank of Canada’s dividend payout ratio is currently 42.58%.

Insider Activity at Royal Bank of Canada

In other news, insider Katherine Gibson sold 462 shares of Royal Bank of Canada stock in a transaction on Friday, May 22nd. The stock was sold at an average price of C$261.83, for a total value of C$120,965.46. Following the transaction, the insider owned 290 shares in the company, valued at approximately C$75,930.70. This trade represents a 61.44% decrease in their position. Also, Director David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock in a transaction on Friday, May 22nd. The shares were sold at an average price of C$261.83, for a total value of C$6,045,392.87. Following the completion of the transaction, the director owned 5,873 shares in the company, valued at approximately C$1,537,727.59. The trade was a 79.72% decrease in their position. Insiders have sold a total of 58,220 shares of company stock worth $14,690,362 in the last 90 days.

Royal Bank of Canada News Summary

Here are the key news stories impacting Royal Bank of Canada this week:

• Positive Sentiment: Barclays raised its price target to C$260 and kept an overweight rating, signaling continued confidence in Royal Bank of Canada’s outlook. Barclays price target hike
• Positive Sentiment: Desjardins lifted its target to C$275 and reiterated a buy rating, implying more upside from current levels. Desjardins price target hike
• Positive Sentiment: Canaccord Genuity increased its target to C$280 and maintained a buy rating, reflecting a constructive view after the earnings release. Canaccord Genuity price target hike
• Positive Sentiment: TD raised its target to C$272 and kept a buy rating, adding to the broad analyst support. TD price target hike
• Neutral Sentiment: Raymond James boosted its target to C$270.50 but held a market perform rating, suggesting limited immediate upside despite better estimates. Raymond James price target hike
• Neutral Sentiment: CIBC raised its target to C$279 while keeping a neutral rating, indicating valuation may already reflect much of the near-term strength. CIBC price target hike

About Royal Bank of Canada

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.