Royal Bank of Canada (TSE:RY) Price Target Raised to C$306.00

Key Points

• Raymond James raised Royal Bank of Canada's price target from C$270.50 to C$306.00 while maintaining a “market perform” rating, implying roughly 3.07% upside from the current price.
• Analyst sentiment remains positive overall, with the stock carrying a “Moderate Buy” consensus rating and an average price target of C$271.85; recent targets from Canaccord and TD reached C$310 and C$307, respectively.
• Shares recently traded at C$296.88, near their 12-month high of C$306.38. Insiders have sold 353,206 shares worth approximately C$100.2 million over the past three months.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its price target raised by investment analysts at Raymond James Financial from C$270.50 to C$306.00 in a report released on Wednesday,BayStreet.CA reports. The brokerage presently has a "market perform" rating on the financial services provider's stock. Raymond James Financial's price objective suggests a potential upside of 3.07% from the stock's current price.

RY has been the subject of several other research reports. Barclays increased their target price on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an "overweight" rating in a research note on Friday, May 29th. Canaccord Genuity Group boosted their price target on shares of Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. TD upped their price objective on shares of Royal Bank of Canada from C$272.00 to C$307.00 and gave the stock a "buy" rating in a report on Wednesday. Canadian Imperial Bank of Commerce increased their price objective on shares of Royal Bank of Canada from C$258.00 to C$279.00 and gave the stock a "neutral" rating in a research report on Friday, May 29th. Finally, National Bank Financial lifted their target price 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. One research 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. According to data from MarketBeat, Royal Bank of Canada currently has an average rating of "Moderate Buy" and an average price target of C$271.85.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock traded up C$3.76 during trading hours on Wednesday, hitting C$296.88. The company's stock had a trading volume of 624,818 shares, compared to its average volume of 3,575,000. The stock has a market cap of C$412.56 billion, a price-to-earnings ratio of 19.30, a P/E/G ratio of 3.42 and a beta of 1.05. Royal Bank of Canada has a twelve month low of C$186.24 and a twelve month high of C$306.38. The firm has a fifty day moving average of C$290.07 and a 200-day moving average of C$255.45.

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

Insider Buying and Selling at Royal Bank of Canada

In other Royal Bank of Canada news, insider Katherine Gibson sold 462 shares of the stock in a transaction that occurred on Wednesday, July 22nd. The shares were sold at an average price of C$297.19, for a total transaction of C$137,301.78. Following the sale, the insider directly owned 290 shares in the company, valued at C$86,185.10. This represents a 61.44% decrease in their position. Also, insider Bruce Washington Ross sold 3,657 shares of the firm's stock in a transaction that occurred 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 transaction, the insider directly owned 235 shares of the company's stock, valued at C$69,839.65. This represents a 93.96% decrease in their position. In 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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