Royal Bank of Canada (TSE:RY) Given New C$190.00 Price Target at Barclays

Key Points

• Barclays has raised its price target for Royal Bank of Canada from C$182.00 to C$190.00, reflecting a potential upside of 1.18% from the stock's previous close, while maintaining an "overweight" rating.
• Other analysts have also increased their price targets, with Desjardins setting a target of C$193.00 and Canaccord Genuity at C$194.00, indicating a consensus rating of "Buy" for the stock.
• Royal Bank of Canada's shares traded up to C$187.79, with a market cap of C$265.72 billion and recent insider sales totaling over C$11 million in the last 90 days.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its target price raised by analysts at Barclays from C$182.00 to C$190.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The brokerage presently has an "overweight" rating on the financial services provider's stock. Barclays's price objective indicates a potential upside of 1.18% from the stock's previous close.

Other equities analysts also recently issued reports about the company. Desjardins boosted their price objective on Royal Bank of Canada from C$185.00 to C$193.00 and gave the company a "buy" rating in a research report on Wednesday. Scotiabank raised Royal Bank of Canada to a "strong-buy" rating in a report on Thursday, May 15th. Canaccord Genuity Group set a C$194.00 target price on Royal Bank of Canada and gave the stock a "buy" rating in a report on Tuesday, June 24th. National Bankshares set a C$179.00 target price on Royal Bank of Canada and gave the stock an "outperform" rating in a report on Thursday, May 22nd. Finally, CIBC lifted their target price on Royal Bank of Canada from C$182.00 to C$183.00 and gave the stock an "outperform" rating in a report on Thursday, June 5th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of C$189.54.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock traded up C$0.76 during trading hours on Thursday, hitting C$187.79. The company's stock had a trading volume of 691,403 shares, compared to its average volume of 4,462,742. The business has a 50 day moving average price of C$178.88 and a two-hundred day moving average price of C$171.12. Royal Bank of Canada has a 12-month low of C$151.25 and a 12-month high of C$188.18. The company has a market cap of C$265.72 billion, a PE ratio of 16.36, a PEG ratio of 3.42 and a beta of 0.84.

Insiders Place Their Bets

In other news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of C$182.30, for a total transaction of C$56,148.92. Also, Director David Ian Mckay sold 20,304 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of C$182.30, for a total value of C$3,701,453.72. Insiders sold a total of 63,039 shares of company stock worth $11,175,413 over the last 90 days.

About Royal Bank of Canada

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S.

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