Royal Bank of Canada (TSE:RY) Price Target Raised to C$218.00 at Scotiabank

Key Points

• Scotiabank has raised the price target for the Royal Bank of Canada from C$210.00 to C$218.00, indicating a potential upside of 7.64% from its previous close.
• Analysts have mixed ratings on the stock, with one strong buy, five buys, and five holds, leading to a consensus rating of "Moderate Buy" and a price target of C$206.62.
• Royal Bank of Canada shares traded down 0.6% to C$202.53, following recent insider sales that involved Senior Officers significantly reducing their positions in the company.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its price target raised by equities researchers at Scotiabank from C$210.00 to C$218.00 in a report released on Friday,BayStreet.CA reports. Scotiabank's price target suggests a potential upside of 7.64% from the company's previous close.

RY has been the subject of a number of other reports. CIBC lowered shares of Royal Bank of Canada from an "outperform" rating to a "neutral" rating and set a C$208.00 price objective for the company. in a research note on Friday, September 5th. Cibc World Mkts lowered shares of Royal Bank of Canada from a "strong-buy" rating to a "hold" rating in a research note on Friday, September 5th. Erste Group Bank raised shares of Royal Bank of Canada to a "strong-buy" rating in a research note on Monday, September 22nd. Canaccord Genuity Group boosted their target price on shares of Royal Bank of Canada from C$201.00 to C$219.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, Barclays boosted their target price on shares of Royal Bank of Canada from C$190.00 to C$203.00 in a report on Thursday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of C$206.62.

Royal Bank of Canada Stock Down 0.6%

RY traded down C$1.28 on Friday, reaching C$202.53. 899,085 shares of the company traded hands, compared to its average volume of 4,121,145. Royal Bank of Canada has a one year low of C$151.25 and a one year high of C$206.90. The firm has a fifty day simple moving average of C$196.27 and a two-hundred day simple moving average of C$180.01. The company has a market cap of C$285.62 billion, a P/E ratio of 15.32, a price-to-earnings-growth ratio of 3.42 and a beta of 1.24.

Insider Activity at Royal Bank of Canada

In other news, Senior Officer Jennifer Kristine Publicover sold 401 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of C$182.30, for a total transaction of C$73,102.98. Following the sale, the insider owned 152 shares of the company's stock, valued at C$27,709.86. This trade represents a 72.51% decrease in their position. Also, Senior Officer Graeme Ashley Hepworth sold 308 shares of the firm's stock in a transaction that occurred 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. Insiders have sold a total of 21,013 shares of company stock worth $3,830,706 over the last quarter.

Royal Bank of Canada Company Profile

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.

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 contact@marketbeat.com.