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 upped by Canaccord Genuity Group from C$270.00 to C$280.00 in a report issued on Friday,BayStreet.CA reports. Canaccord Genuity Group currently has a buy rating on the financial services provider’s stock.

Several other equities analysts also recently weighed in on RY. TD raised their target price on Royal Bank of Canada from C$259.00 to C$267.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Scotiabank increased their price objective on Royal Bank of Canada from C$247.00 to C$252.00 and gave the company a “sector outperform” rating in a research note on Monday, May 4th. Barclays raised their price objective on Royal Bank of Canada from C$245.00 to C$260.00 and gave the company an “overweight” rating in a report on Friday. Desjardins lifted their target price on shares of Royal Bank of Canada from C$250.00 to C$262.00 and gave the stock a “buy” rating in a research note on Tuesday, May 5th. Finally, National Bank Financial upped their target price on shares of Royal Bank of Canada from C$257.00 to C$271.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Royal Bank of Canada presently has an average rating of “Moderate Buy” and an average price target of C$258.50.

Royal Bank of Canada Stock Up 1.5%

RY opened at C$264.44 on Friday. The company has a market cap of C$367.71 billion, a PE ratio of 18.16, a price-to-earnings-growth ratio of 3.42 and a beta of 1.14. Royal Bank of Canada has a twelve month low of C$171.29 and a twelve month high of C$265.10. The company has a 50-day moving average price of C$241.24 and a 200 day moving average price of C$231.99.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%.The company had revenue of C$17.45 billion for the quarter. As a group, sell-side analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Announces Dividend

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

Insider Transactions at Royal Bank of Canada

In other Royal Bank of Canada news, insider Katherine Gibson sold 462 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of C$261.83, for a total value of C$120,965.46. Following the transaction, the insider directly owned 290 shares in the company, valued at C$75,930.70. The trade was a 61.44% decrease in their position. Also, insider Graeme Ashley Hepworth sold 1,463 shares of the 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$383,057.29. Insiders have sold a total of 58,220 shares of company stock valued at $14,690,362 in the last three months.

Key Royal Bank of Canada News

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

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.