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AMZN   2,421.45 (+0.74%)
NVDA   344.29 (+0.96%)
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GE   6.86 (-5.90%)
TSLA   812.93 (-0.89%)
AMD   52.47 (-0.51%)
T   31.29 (-1.76%)
F   5.93 (-1.82%)
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BAC   25.24 (-2.89%)
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MSFT   182.98 (+0.64%)
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NFLX   416.61 (-0.78%)
BAC   25.24 (-2.89%)
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MSFT   182.98 (+0.64%)
FB   226.94 (-0.96%)
GOOGL   1,430.53 (+0.72%)
AMZN   2,421.45 (+0.74%)
NVDA   344.29 (+0.96%)
BABA   201.03 (-0.07%)
MU   47.25 (-4.45%)
GE   6.86 (-5.90%)
TSLA   812.93 (-0.89%)
AMD   52.47 (-0.51%)
T   31.29 (-1.76%)
F   5.93 (-1.82%)
DIS   117.26 (-3.62%)
NFLX   416.61 (-0.78%)
BAC   25.24 (-2.89%)
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Royal Bank of Canada (NYSE:RY) Price Target Raised to $105.00 at Scotiabank

Last updated on Thursday, May 28th, 2020 by MarketBeat

Royal Bank of Canada (NYSE:RY) (TSE:RY) had its price objective lifted by equities researchers at Scotiabank from $97.00 to $105.00 in a research report issued on Thursday, The Fly reports. The brokerage currently has an "outperform" rating on the financial services provider's stock. Scotiabank's price target points to a potential upside of 58.04% from the company's previous close.

Other equities research analysts have also issued reports about the stock. Canaccord Genuity increased their price objective on shares of Royal Bank of Canada from $86.50 to $95.00 and gave the company a "hold" rating in a report on Thursday. TD Securities reaffirmed a "buy" rating on shares of Royal Bank of Canada in a report on Friday, March 20th. Bank of America increased their price objective on shares of Royal Bank of Canada from $70.00 to $98.00 and gave the company a "buy" rating in a report on Wednesday, May 13th. CIBC reaffirmed a "buy" rating and set a $120.00 price objective on shares of Royal Bank of Canada in a report on Monday, February 24th. Finally, Barclays cut their target price on shares of Royal Bank of Canada from $81.00 to $80.00 and set an "underweight" rating for the company in a report on Monday, May 11th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of "Hold" and a consensus target price of $96.89.

RY traded down $0.53 during trading on Thursday, reaching $66.44. 547,952 shares of the company traded hands, compared to its average volume of 1,276,365. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.91 and a current ratio of 0.91. Royal Bank of Canada has a 12-month low of $49.55 and a 12-month high of $82.74. The firm has a fifty day simple moving average of $60.68 and a 200 day simple moving average of $72.39. The company has a market cap of $90.78 billion, a P/E ratio of 9.84, a PEG ratio of 2.28 and a beta of 0.88.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. National Pension Service lifted its position in Royal Bank of Canada by 1.1% in the first quarter. National Pension Service now owns 1,688,559 shares of the financial services provider's stock worth $147,192,000 after buying an additional 18,841 shares during the last quarter. 1832 Asset Management L.P. lifted its position in Royal Bank of Canada by 11.7% in the first quarter. 1832 Asset Management L.P. now owns 15,221,801 shares of the financial services provider's stock worth $921,712,000 after buying an additional 1,589,395 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Royal Bank of Canada by 7.9% in the first quarter. The Manufacturers Life Insurance Company now owns 11,059,863 shares of the financial services provider's stock worth $677,337,000 after buying an additional 812,062 shares during the last quarter. HighTower Advisors LLC lifted its position in Royal Bank of Canada by 0.6% in the first quarter. HighTower Advisors LLC now owns 88,418 shares of the financial services provider's stock worth $5,427,000 after buying an additional 498 shares during the last quarter. Finally, APG Asset Management N.V. lifted its position in Royal Bank of Canada by 5.3% in the first quarter. APG Asset Management N.V. now owns 1,133,124 shares of the financial services provider's stock worth $69,397,000 after buying an additional 56,975 shares during the last quarter. Institutional investors own 42.01% of the company's stock.

Royal Bank of Canada Company Profile

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers check and savings accounts; home equity and auto financing, personal lending, private banking, mutual fund, self-directed brokerage account, and guaranteed investment certificate services; and credit cards, and payment products and solutions for individuals.

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Analyst Recommendations for Royal Bank of Canada (NYSE:RY)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]


6 Stocks to Help You Profit Off the Coronavirus PPE Boom

Every major global event brings with it changes to our national lexicon. Before the Covid-19 pandemic, few Americans knew what the initials PPE stood for. Today, virtually anyone knows that PPE stands for personal protective equipment.

At the onset of the mitigation policies, the goal of flattening the curve was being done to prevent our health care system from becoming overwhelmed. Part of that concern stemmed from a shortage of personal protective equipment. These are the masks, gloves, goggles and gowns that help protect medical workers against viral or bacterial infections.

As the novel coronavirus became labeled a global pandemic, the global mantra became to “flatten the curve” in an effort to prevent our healthcare system from being overwhelmed.

The United States is being referred to as being on a war time footing. Manufacturers that were already producing PPE have significantly ramped up capacity. And many companies are converting their excess manufacturing capacity to produce personal protective equipment.

In fairness, this may only be a reason for some of these companies to “keep the lights on” right now. But many of these companies have a good story to tell. And it’s that story that can make them solid investments in the future.

View the "6 Stocks to Help You Profit Off the Coronavirus PPE Boom".

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