Argus Increases Royal Bank of Canada (RY) Price Target to $94.00

Royal Bank of Canada (NYSE:RY) (TSE:RY) had its price objective boosted by research analysts at Argus to $94.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Argus’ target price indicates a potential upside of 12.01% from the company’s previous close. The analysts noted that the move was a valuation call.

Other equities research analysts have also issued reports about the stock. Canaccord Genuity reaffirmed a “hold” rating and set a $105.00 price target on shares of Royal Bank of Canada in a report on Wednesday, November 29th. BMO Capital Markets reaffirmed a “hold” rating and set a $102.00 price target on shares of Royal Bank of Canada in a report on Wednesday, November 29th. Scotiabank reaffirmed a “hold” rating and set a $101.00 price target on shares of Royal Bank of Canada in a report on Wednesday, November 22nd. Zacks Investment Research lowered shares of Royal Bank of Canada from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. Finally, Macquarie started coverage on shares of Royal Bank of Canada in a research note on Tuesday, October 24th. They set an “underperform” rating on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $97.00.

Shares of Royal Bank of Canada (NYSE RY) opened at $83.92 on Friday. Royal Bank of Canada has a 52-week low of $66.66 and a 52-week high of $84.12. The stock has a market cap of $120,358.07, a price-to-earnings ratio of 14.57, a PEG ratio of 1.86 and a beta of 1.07. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.14.

Institutional investors have recently added to or reduced their stakes in the business. Parametric Portfolio Associates LLC grew its stake in shares of Royal Bank of Canada by 13.2% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 530,570 shares of the financial services provider’s stock worth $41,040,000 after purchasing an additional 61,912 shares during the last quarter. Fieldpoint Private Securities LLC acquired a new position in shares of Royal Bank of Canada in the third quarter worth about $153,000. Guardian Capital LP boosted its holdings in shares of Royal Bank of Canada by 3.9% in the third quarter. Guardian Capital LP now owns 4,445,146 shares of the financial services provider’s stock worth $343,017,000 after buying an additional 167,744 shares during the period. Guardian Capital Advisors LP boosted its holdings in shares of Royal Bank of Canada by 0.4% in the third quarter. Guardian Capital Advisors LP now owns 437,257 shares of the financial services provider’s stock worth $44,057,000 after buying an additional 1,571 shares during the period. Finally, Janney Montgomery Scott LLC boosted its holdings in shares of Royal Bank of Canada by 3.6% in the third quarter. Janney Montgomery Scott LLC now owns 36,703 shares of the financial services provider’s stock worth $2,839,000 after buying an additional 1,287 shares during the period. 40.63% of the stock is currently owned by hedge funds and other institutional investors.

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Royal Bank of Canada Company Profile

Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.