Keefe, Bruyette & Woods Reiterates "C$316.00" Price Target for Royal Bank of Canada (TSE:RY)

Key Points

• Keefe, Bruyette & Woods reiterated a C$316 price target for Royal Bank of Canada and maintained a “market perform” rating, implying 11.36% upside from the reported C$283.77 share price.
• Analyst sentiment remains favorable, with MarketBeat reporting an overall “Moderate Buy” rating and an average price target of C$286.07. Several firms recently raised their targets, including Desjardins to C$320 and National Bank Financial to C$318.
• Royal Bank of Canada reported C$3.90 in quarterly earnings per share on C$17.45 billion in revenue, while insiders sold a combined 324,096 shares worth approximately C$92.6 million over the past three months.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY received a C$316.00 target price from equities researchers at Keefe, Bruyette & Woods in a note issued to investors on Friday,BayStreet.CA reports. The firm presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 11.36% from the stock's current price.

RY has been the subject of several other reports. Desjardins raised their price target on 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. Scotiabank increased their target price on Royal Bank of Canada from C$275.00 to C$280.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, June 16th. Jefferies Financial Group raised their target price on Royal Bank of Canada from C$240.00 to C$268.00 in a report on Thursday, August 13th. National Bank Financial lifted their target price on Royal Bank of Canada from C$271.00 to C$318.00 and gave the company an "outperform" rating in a research report on Thursday, August 13th. Finally, TD boosted their price target on shares of Royal Bank of Canada from C$272.00 to C$307.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of C$286.07.

Royal Bank of Canada Stock Performance

Shares of TSE RY traded up C$0.44 during midday trading on Friday, reaching C$283.77. 729,093 shares of the stock were exchanged, compared to its average volume of 3,547,427. Royal Bank of Canada has a twelve month low of C$188.54 and a twelve month high of C$306.38. The stock has a market capitalization of C$394.34 billion, a P/E ratio of 18.45, a PEG ratio of 3.42 and a beta of 1.05. The company has a 50 day simple moving average of C$293.17 and a 200 day simple moving average of C$258.69.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last posted its quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share for the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. The firm had revenue of C$17.45 billion during the quarter. On average, research analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Bruce Washington Ross sold 3,657 shares of Royal Bank of Canada stock in a transaction on Wednesday, July 22nd. The shares were sold at an average price of C$297.19, for a total transaction of C$1,086,823.83. Following the completion of the sale, the insider directly owned 235 shares of the company's stock, valued at approximately C$69,839.65. The trade was a 93.96% decrease in their position. Also, insider Graeme Ashley Hepworth sold 1,463 shares of the stock in a transaction on Wednesday, July 22nd. The shares were sold at an average price of C$297.19, for a total value of C$434,788.97. In the last three months, insiders sold 324,096 shares of company stock worth $92,616,003.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source