Scotiabank Issues Positive Forecast for Royal Bank of Canada (TSE:RY) Stock Price

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective raised by Scotiabank from C$167.00 to C$197.00 in a research note issued to investors on Monday,BayStreet.CA reports. Scotiabank’s price objective would indicate a potential upside of 12.75% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Cormark upped their target price on shares of Royal Bank of Canada from C$166.00 to C$171.00 in a research note on Thursday, August 29th. BMO Capital Markets boosted their price target on shares of Royal Bank of Canada from C$165.00 to C$195.00 in a report on Monday, November 18th. CIBC boosted their price target on shares of Royal Bank of Canada from C$166.00 to C$167.00 in a report on Friday, September 6th. Jefferies Financial Group cut their price target on shares of Royal Bank of Canada from C$168.00 to C$165.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating and boosted their price target for the stock from C$178.00 to C$180.00 in a report on Friday, November 15th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of C$175.17.

Royal Bank of Canada Price Performance

Shares of TSE:RY traded up C$0.01 during mid-day trading on Monday, hitting C$174.72. The company had a trading volume of 732,239 shares, compared to its average volume of 4,834,894. The company has a market capitalization of C$246.36 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. The firm has a fifty day moving average price of C$170.00 and a 200 day moving average price of C$156.75. Royal Bank of Canada has a one year low of C$115.57 and a one year high of C$175.59.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 EPS for the quarter, beating analysts’ consensus estimates of C$2.95 by C$0.31. The business had revenue of C$14.63 billion during 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%. Research analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insider Activity

In other news, Senior Officer Douglas Antony Guzman sold 17,000 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were sold at an average price of C$167.95, for a total transaction of C$2,855,150.00. Following the completion of the sale, the insider now owns 25 shares of the company’s stock, valued at C$4,198.75. This represents a 99.85 % decrease in their position. Also, Director David Ian Mckay sold 74,852 shares of the business’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. Over the last 90 days, insiders sold 144,770 shares of company stock valued at $23,959,265.

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 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.