Royal Bank of Canada (TSE:RY) Given New C$268.00 Price Target at Jefferies Financial Group

Key Points

• Jefferies raised Royal Bank of Canada’s price target to C$268 from C$240, though the target implies 10.43% downside from the reported trading price.
• Analyst sentiment remains positive, with the bank holding a consensus “Moderate Buy” rating and an average price target of C$278.23; several brokerages recently raised their targets.
• RY shares traded at C$299.20, near their 52-week high of C$306.38. The bank reported C$3.90 in quarterly EPS and C$17.45 billion in revenue, while insiders have sold more than C$100 million of stock over the past three months.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its target price raised by stock analysts at Jefferies Financial Group from C$240.00 to C$268.00 in a report issued on Thursday,BayStreet.CA reports. Jefferies Financial Group's price target suggests a potential downside of 10.43% from the stock's current price.

A number of other brokerages have also issued reports on RY. Scotiabank boosted their price target on shares of 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. Barclays raised their price objective on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the company an "overweight" rating in a research note on Friday, May 29th. National Bank Financial lifted their price objective on shares of Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an "outperform" rating in a report on Friday, May 15th. Canaccord Genuity Group increased their target price on shares of Royal Bank of Canada from C$282.00 to C$310.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Finally, Desjardins increased their target price on shares of Royal Bank of Canada from C$275.00 to C$320.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of C$278.23.

Royal Bank of Canada Price Performance

Shares of RY stock traded up C$1.64 during trading hours on Thursday, hitting C$299.20. The company had a trading volume of 580,527 shares, compared to its average volume of 3,572,927. The company's fifty day moving average is C$290.71 and its 200 day moving average is C$255.91. Royal Bank of Canada has a fifty-two week low of C$186.51 and a fifty-two week high of C$306.38. The stock has a market capitalization of C$415.79 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05.

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

Insider Buying and Selling at Royal Bank of Canada

In related news, insider Neil Mclaughlin sold 3,500 shares of the company's stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of C$287.70, for a total transaction of C$1,006,950.00. Also, insider Bruce Washington Ross sold 3,657 shares of the firm's 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$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. This trade represents a 93.96% decrease in their position. Over the last three months, insiders have sold 353,206 shares of company stock valued at $100,237,874.

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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