Cormark Trims Royal Bank of Canada (TSE:RY) Target Price to C$111.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target reduced by equities researchers at Cormark from C$112.00 to C$111.00 in a note issued to investors on Thursday, BayStreet.CA reports. Cormark’s price target would suggest a potential upside of 11.32% from the company’s previous close. Cormark also issued estimates for Royal Bank of Canada’s FY2019 earnings at $9.04 EPS, Q1 2020 earnings at $2.35 EPS, Q2 2020 earnings at $2.40 EPS and FY2020 earnings at $9.77 EPS.

Several other analysts also recently commented on the stock. Citigroup lowered their target price on shares of Royal Bank of Canada from C$125.00 to C$120.00 in a report on Thursday, June 27th. Eight Capital lowered their target price on shares of Royal Bank of Canada from C$121.00 to C$114.00 in a report on Wednesday, August 14th. Desjardins increased their price target on shares of Royal Bank of Canada from C$108.00 to C$111.00 in a research report on Tuesday, May 14th. BMO Capital Markets increased their price target on shares of Royal Bank of Canada from C$110.00 to C$114.00 in a research report on Friday, May 24th. Finally, CSFB set a C$109.00 price target on shares of Royal Bank of Canada and gave the company a “neutral” rating in a research report on Thursday, May 16th.

Shares of RY stock traded down C$0.20 on Thursday, hitting C$99.71. The stock had a trading volume of 893,157 shares, compared to its average volume of 2,662,896. The business has a 50 day moving average of C$103.12 and a 200 day moving average of C$103.49. The stock has a market cap of $144.15 billion and a price-to-earnings ratio of 11.54. Royal Bank of Canada has a 12-month low of C$90.10 and a 12-month high of C$107.91.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its earnings results on Thursday, May 23rd. The financial services provider reported C$2.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of C$2.20 by C$0.03. The firm had revenue of C$11.50 billion during the quarter, compared to analysts’ expectations of C$10.27 billion. As a group, equities analysts forecast that Royal Bank of Canada will post 9.5100004 earnings per share for the current year.

In related news, Senior Officer Helena Gottschling sold 882 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of C$104.67, for a total value of C$92,318.94. Following the sale, the insider now directly owns 1,415 shares of the company’s stock, valued at C$148,108.05. Also, Senior Officer Alex Douglas Mcgregor sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of C$104.46, for a total transaction of C$1,044,635.00. Following the completion of the sale, the insider now directly owns 54,675 shares in the company, valued at C$5,711,541.86. Insiders have sold 37,398 shares of company stock valued at $3,918,623 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 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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