Eight Capital Lowers Royal Bank of Canada (TSE:RY) Price Target to C$114.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target lowered by investment analysts at Eight Capital from C$121.00 to C$114.00 in a note issued to investors on Wednesday, BayStreet.CA reports. Eight Capital’s price objective suggests a potential upside of 15.31% from the stock’s previous close.

Several other brokerages have also issued reports on RY. Citigroup dropped their price objective on Royal Bank of Canada from C$125.00 to C$120.00 in a report on Thursday, June 27th. Desjardins raised their price objective on Royal Bank of Canada from C$108.00 to C$111.00 in a report on Tuesday, May 14th. Canaccord Genuity dropped their price objective on Royal Bank of Canada from C$108.00 to C$105.00 in a report on Wednesday, May 15th. National Bank Financial raised their price objective on Royal Bank of Canada from C$110.00 to C$112.00 and gave the stock an “outperform” rating in a report on Friday, May 24th. Finally, BMO Capital Markets raised their price objective on Royal Bank of Canada from C$110.00 to C$114.00 in a report on Friday, May 24th.

Royal Bank of Canada stock traded down C$1.85 during midday trading on Wednesday, reaching C$98.86. The company’s stock had a trading volume of 1,378,582 shares, compared to its average volume of 2,687,979. Royal Bank of Canada has a fifty-two week low of C$90.10 and a fifty-two week high of C$107.91. The stock has a market cap of $142.04 billion and a P/E ratio of 11.44. The stock’s 50-day moving average is C$103.85.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its quarterly earnings results on Thursday, May 23rd. The financial services provider reported C$2.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of C$2.20 by C$0.03. The business had revenue of C$11.50 billion during the quarter, compared to analyst estimates of C$10.27 billion. As a group, sell-side analysts predict that Royal Bank of Canada will post 9.5499995 earnings per share for the current year.

In related news, Director David Ian Mckay sold 8,258 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of C$104.79, for a total transaction of C$865,314.53. Following the transaction, the director now owns 5,873 shares of the company’s stock, valued at C$615,402.31. Also, Senior Officer Alex Douglas Mcgregor sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of C$104.87, for a total value of C$1,048,680.00. Following the transaction, the insider now directly owns 54,675 shares in the company, valued at approximately C$5,733,657.90. In the last ninety days, insiders have sold 45,656 shares of company stock worth $4,783,938.

About Royal Bank of Canada

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.

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