Canaccord Genuity Group Forecasts Strong Price Appreciation for Royal Bank of Canada (TSE:RY) Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target boosted by equities research analysts at Canaccord Genuity Group from C$172.00 to C$188.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. Canaccord Genuity Group’s price target would indicate a potential upside of 10.39% from the company’s current price.

Several other equities research analysts also recently commented on RY. Barclays boosted their price objective on Royal Bank of Canada from C$145.00 to C$150.00 in a report on Tuesday, August 20th. Cormark upped their price objective on shares of Royal Bank of Canada from C$166.00 to C$171.00 in a report on Thursday, August 29th. Bank of America lifted their price objective on shares of Royal Bank of Canada from C$162.00 to C$180.00 in a report on Thursday, August 29th. Scotiabank lowered their target price on shares of Royal Bank of Canada from C$157.00 to C$154.00 in a report on Monday, August 19th. Finally, Jefferies Financial Group cut their price target on Royal Bank of Canada from C$168.00 to C$165.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$168.00.

Royal Bank of Canada Stock Down 0.8 %

Shares of RY stock opened at C$170.30 on Tuesday. The firm has a 50 day moving average of C$169.69 and a 200-day moving average of C$156.22. The company has a market cap of C$240.12 billion, a price-to-earnings ratio of 15.08, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a 52 week low of C$115.57 and a 52 week high of C$175.04.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings data on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share for the quarter, beating the consensus estimate of C$2.95 by C$0.31. The firm had revenue of C$14.63 billion for the quarter, compared to analyst estimates of C$14.27 billion. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. Analysts anticipate that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Insiders Place Their Bets

In other Royal Bank of Canada news, Senior Officer Douglas Antony Guzman sold 7,500 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of C$166.96, for a total value of C$1,252,207.50. Following the sale, the insider now owns 25 shares of the company’s stock, valued at C$4,174.03. This trade represents a 99.67 % decrease in their position. Also, Director David Ian Mckay sold 74,852 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of C$164.59, for a total value of C$12,320,115.24. Insiders sold a total of 144,770 shares of company stock valued at $23,959,265 in the last quarter.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.