Scotia Forecasts Strong Price Appreciation for Royal Bank of Canada (TSE:RY) Stock

Key Points

• Scotia raised Royal Bank of Canada’s price target to C$312 from C$311 and maintained a “sector outperform” rating, implying approximately 9.81% upside from the current price.
• Analyst sentiment remains favorable, with the stock carrying a consensus “Moderate Buy” rating and an average price target of C$292.64; recent targets range as high as C$320.
• Royal Bank reported quarterly EPS of C$4.28 on C$18.54 billion in revenue, while insiders sold approximately C$100.6 million of shares over the past three months.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its price target boosted by investment analysts at Scotia from C$311.00 to C$312.00 in a report released on Friday,BayStreet.CA reports. The brokerage currently has a "sector outperform" rating on the financial services provider's stock. Scotia's price target would suggest a potential upside of 9.81% from the stock's current price.

A number of other research analysts have also recently issued reports on RY. Keefe, Bruyette & Woods set a C$316.00 price objective on shares of Royal Bank of Canada and gave the company a "hold" rating in a report on Friday, August 21st. Canaccord Genuity Group increased their target price on shares of Royal Bank of Canada from C$310.00 to C$318.00 and gave the stock a "buy" rating in a report on Friday. Desjardins lifted their price target 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 report on Wednesday, August 5th. Canadian Imperial Bank of Commerce boosted their price target on shares of Royal Bank of Canada from C$279.00 to C$311.00 and gave the company a "neutral" rating in a report on Wednesday, August 19th. Finally, National Bank Financial set a C$318.00 price objective on shares of Royal Bank of Canada and gave the company an "outperform" rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Royal Bank of Canada currently has an average rating of "Moderate Buy" and a consensus price target of C$292.64.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock traded up C$0.66 during trading on Friday, hitting C$284.13. 1,212,816 shares of the company were exchanged, compared to its average volume of 3,518,058. The firm has a market capitalization of C$394.84 billion, a P/E ratio of 18.47, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05. Royal Bank of Canada has a 1-year low of C$197.58 and a 1-year high of C$306.38. The firm's fifty day moving average price is C$293.48 and its 200 day moving average price is C$260.55.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last announced its quarterly earnings results on Thursday, August 27th. The financial services provider reported C$4.28 EPS for the quarter. The company 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%. As a group, equities research analysts anticipate that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Insider Activity at Royal Bank of Canada

In other Royal Bank of Canada news, insider Neil Mclaughlin sold 4,000 shares of the firm'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 transaction of C$1,150,880.00. Also, insider Bruce Washington Ross sold 45,670 shares of Royal Bank of Canada stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of C$293.11, for a total transaction of C$13,386,333.70. Following the completion of the transaction, the insider directly owned 235 shares in the company, valued at approximately C$68,880.85. The trade was a 99.49% decrease in their position. In the last three months, 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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