Royal Bank of Canada (TSE:RY) Price Target Raised to C$242.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target raised by analysts at Scotiabank from C$231.00 to C$242.00 in a report issued on Friday,BayStreet.CA reports. Scotiabank’s target price points to a potential upside of 2.55% from the stock’s previous close.

Several other research firms have also recently commented on RY. National Bankshares raised shares of Royal Bank of Canada from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from C$203.00 to C$231.00 in a research report on Monday, November 17th. TD Securities raised Royal Bank of Canada from a “hold” rating to a “buy” rating and lifted their price objective for the company from C$215.00 to C$246.00 in a research report on Thursday, December 4th. Erste Group Bank raised Royal Bank of Canada to a “strong-buy” rating in a research report on Monday, September 22nd. Desjardins lifted their price target on Royal Bank of Canada from C$230.00 to C$240.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Finally, BMO Capital Markets increased their price objective on Royal Bank of Canada from C$229.00 to C$245.00 in a report on Wednesday, December 17th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of C$229.77.

Royal Bank of Canada Stock Performance

Shares of RY stock traded up C$0.96 on Friday, hitting C$235.99. 637,771 shares of the company’s stock traded hands, compared to its average volume of 2,985,676. The stock has a market capitalization of C$330.44 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 3.42 and a beta of 1.32. The company’s fifty day simple moving average is C$221.06 and its 200 day simple moving average is C$202.44. Royal Bank of Canada has a one year low of C$151.25 and a one year high of C$240.34.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly earnings data on Wednesday, December 3rd. The financial services provider reported C$3.85 earnings per share for the quarter. The firm had revenue of C$17.21 billion during the quarter. Royal Bank of Canada had a return on equity of 13.27% and a net margin of 28.23%. As a group, sell-side analysts anticipate that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Royal Bank of Canada news, Director David Ian Mckay sold 91,288 shares of the company’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of C$228.75, for a total transaction of C$20,882,130.00. Following the transaction, the director owned 5,873 shares in the company, valued at approximately C$1,343,448.75. This represents a 93.96% decrease in their position.

About Royal Bank of Canada

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S. and other countries.