Canaccord Genuity Group Boosts Royal Bank of Canada (TSE:RY) Price Target to C$318.00

Key Points

• Canaccord Genuity Group raised Royal Bank of Canada’s price target to C$318 from C$310 and maintained a “buy” rating, implying 11.92% upside from the reported trading price.
• Analyst sentiment remains positive, with Royal Bank of Canada holding a consensus “Moderate Buy” rating and an average price target of C$292.64.
• The stock traded up 0.2% to C$284.13, while the bank reported quarterly EPS of C$4.28 and revenue of C$18.54 billion. Insiders have sold approximately C$100.6 million worth of shares over the past 90 days.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its target price upped by Canaccord Genuity Group from C$310.00 to C$318.00 in a research report issued on Friday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Canaccord Genuity Group's price target would indicate a potential upside of 11.92% from the company's current price.

A number of other equities analysts also recently issued reports on RY. Desjardins increased their price objective on Royal Bank of Canada from C$275.00 to C$320.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Keefe, Bruyette & Woods set a C$316.00 target price on shares of Royal Bank of Canada and gave the stock a "hold" rating in a research report on Friday, August 21st. Barclays lifted their price target on shares of Royal Bank of Canada from C$260.00 to C$300.00 in a research report on Friday, August 21st. Jefferies Financial Group raised their target price on shares of Royal Bank of Canada from C$240.00 to C$268.00 in a research note on Thursday, August 13th. Finally, Canadian Imperial Bank of Commerce upped their price target on Royal Bank of Canada from C$279.00 to C$311.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Royal Bank of Canada currently has a consensus rating of "Moderate Buy" and an average target price of C$292.64.

Royal Bank of Canada Trading Up 0.2%

Royal Bank of Canada stock traded up C$0.66 during trading hours on Friday, hitting C$284.13. 1,212,816 shares of the stock traded hands, compared to its average volume of 3,518,058. Royal Bank of Canada has a one year low of C$197.58 and a one year high of C$306.38. The firm's 50-day moving average price is C$293.48 and its two-hundred day moving average price is C$260.55. The company has a market cap of C$394.84 billion, a PE ratio of 18.47, a PEG ratio of 3.42 and a beta of 1.05.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last announced its earnings results on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share (EPS) for the quarter. The firm had revenue of C$18.54 billion during the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%. On average, sell-side analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insider Activity at Royal Bank of Canada

In related news, insider Katherine Gibson sold 462 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of C$279.97, for a total transaction of C$129,346.14. Following the completion of the sale, the insider owned 290 shares of the company's stock, valued at C$81,191.30. This trade represents a 61.44% decrease in their ownership of the stock. Also, insider Neil Mclaughlin sold 4,000 shares of the company's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of C$287.72, for a total value of C$1,150,880.00. Insiders have sold 352,767 shares of company stock valued at $100,643,023 over the last ninety days.

Royal Bank of Canada Company Profile

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.

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