Royal Bank of Canada (TSE:RY) Given New C$316.00 Price Target at Desjardins

Key Points

• Desjardins lowered its price target on Royal Bank of Canada from C$320 to C$316 but maintained a “buy” rating; the new target implies 8.88% upside from the prior close.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus, based on eight Buy and four Hold ratings, with an average target of C$292.57.
• RBC shares traded at C$290.23 on Wednesday. The bank reported quarterly EPS of C$4.28 and revenue of C$18.54 billion.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its price target decreased by equities research analysts at Desjardins from C$320.00 to C$316.00 in a research report issued on Wednesday, BayStreet reports. The firm currently has a "buy" rating on the financial services provider's stock. Desjardins's price target indicates a potential upside of 8.88% from the company's previous close.

A number of other research analysts have also issued reports on the company. Canaccord Genuity Group boosted their price target on Royal Bank of Canada from C$310.00 to C$318.00 and gave the stock a "buy" rating in a research report on Friday, August 28th. Raymond James Financial raised their price target on Royal Bank of Canada from C$270.50 to C$306.00 and gave the company a "market perform" rating in a report on Wednesday, August 12th. National Bank Financial lifted their price objective 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, August 30th. Scotia upped their price objective on shares of Royal Bank of Canada from C$311.00 to C$312.00 and gave the stock a "sector outperform" rating in a report on Friday, August 28th. Finally, Canadian Imperial Bank of Commerce reduced their price objective on shares of Royal Bank of Canada from C$311.00 to C$300.00 and set a "neutral" rating for the company in a report on Thursday, September 3rd. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Royal Bank of Canada has an average rating of "Moderate Buy" and a consensus target price of C$292.57.

Royal Bank of Canada Stock Performance

Shares of TSE:RY traded up C$2.67 during trading hours on Wednesday, hitting C$290.23. The stock had a trading volume of 642,525 shares, compared to its average volume of 3,472,010. The stock's fifty day simple moving average is C$283.12 and its 200 day simple moving average is C$264.78. Royal Bank of Canada has a 1-year low of C$202.79 and a 1-year high of C$306.38. The firm has a market capitalization of C$401.80 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 3.42 and a beta of 0.89.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last issued its quarterly earnings data on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share (EPS) 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 during the quarter. As a group, research analysts anticipate that Royal Bank of Canada will post 12.35 EPS for the current year.

Insider Transactions at Royal Bank of Canada

In other news, insider Kelly Bradley sold 5,142 shares of Royal Bank of Canada stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of C$283.07, for a total transaction of C$1,455,545.94. Following the transaction, the insider directly owned 1,043 shares in the company, valued at approximately C$295,242.01. This trade represents a 83.14% decrease in their position. Also, insider Maria Elena Douvas sold 9,604 shares of Royal Bank of Canada stock in a transaction on Thursday, October 1st. The shares were sold at an average price of C$275.20, for a total value of C$2,643,020.80. In the last 90 days, insiders sold 75,908 shares of company stock valued at $21,177,587.

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. and 27 other countries.

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