Keefe, Bruyette & Woods Issues Positive Forecast for Royal Bank of Canada (TSE:RY) Stock Price

Key Points

• Keefe, Bruyette & Woods raised Royal Bank of Canada’s price target to C$324 from C$316, implying 14.78% upside from the previous close.
• Analyst sentiment remains positive, with the stock holding a “Moderate Buy” consensus rating and an average target price of C$293.43; several other firms also recently increased their targets.
• Royal Bank reported C$4.28 in quarterly EPS and C$18.54 billion in revenue, while shares recently traded at C$282.28. Insiders have sold 352,767 shares worth approximately C$100.6 million over the past 90 days.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its price objective boosted by stock analysts at Keefe, Bruyette & Woods from C$316.00 to C$324.00 in a report issued on Monday,BayStreet.CA reports. Keefe, Bruyette & Woods' price target suggests a potential upside of 14.78% from the stock's previous close.

A number of other research firms also recently weighed in on RY. National Bank Financial raised their price target on shares of Royal Bank of Canada from C$318.00 to C$321.00 and gave the company an "outperform" rating in a research note on Sunday. Jefferies Financial Group upped their price objective on shares of Royal Bank of Canada from C$240.00 to C$268.00 in a research report on Thursday, August 13th. Barclays increased their price objective on shares of Royal Bank of Canada from C$260.00 to C$300.00 in a research note on Friday, August 21st. Raymond James Financial raised their target price on shares of Royal Bank of Canada from C$270.50 to C$306.00 and gave the company a "market perform" rating in a research report on Wednesday, August 12th. Finally, Desjardins boosted their target price on shares of Royal Bank of Canada from C$275.00 to C$320.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of C$293.43.

Royal Bank of Canada Price Performance

Shares of RY stock traded down C$1.89 on Monday, hitting C$282.28. 840,547 shares of the company's stock were exchanged, compared to its average volume of 3,513,764. Royal Bank of Canada has a 12 month low of C$197.58 and a 12 month high of C$306.38. The stock has a market cap of C$390.80 billion, a P/E ratio of 17.80, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05. The company has a 50 day moving average of C$293.49 and a 200 day moving average of C$260.89.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last released its quarterly earnings data on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share for the quarter. Royal Bank of Canada had a return on equity of 16.11% and a net margin of 15.92%.The business had revenue of C$18.54 billion for the quarter. Sell-side analysts predict that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Insider Activity

In other news, insider Katherine Gibson sold 462 shares of the firm's stock in a transaction 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 transaction, the insider owned 290 shares of the company's stock, valued at approximately C$81,191.30. This trade represents a 61.44% decrease in their ownership of the stock. Also, insider Bruce Washington Ross sold 3,659 shares of Royal Bank of Canada stock in a transaction on Monday, August 24th. The stock was sold at an average price of C$279.97, for a total transaction of C$1,024,410.23. Following the transaction, the insider owned 235 shares in the company, valued at approximately C$65,792.95. This trade represents a 93.97% decrease in their position. Over the last ninety days, insiders sold 352,767 shares of company stock worth $100,643,023.

About Royal Bank of Canada

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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