Royal Bank of Canada (TSE:RY) Stock Price Expected to Rise, Desjardins Analyst Says

Key Points

• Desjardins analysts have raised the target price for Royal Bank of Canada stock from C$185.00 to C$193.00, maintaining a "buy" rating, indicating a potential upside of 3.10%.
• The stock experienced an increase of C$1.46 during mid-day trading, reaching C$187.19, with a current market cap of C$264.87 billion.
• Overall, the consensus rating for Royal Bank of Canada is "Buy," with an average target price of C$188.92, reflecting bullish sentiment among analysts.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its target price increased by investment analysts at Desjardins from C$185.00 to C$193.00 in a report issued on Wednesday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Desjardins' price objective would suggest a potential upside of 3.10% from the stock's previous close.

Other analysts have also issued reports about the company. Barclays raised their price objective on Royal Bank of Canada from C$180.00 to C$182.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. UBS Group reduced their price objective on Royal Bank of Canada from C$198.00 to C$196.00 in a research note on Thursday, May 22nd. Jefferies Financial Group raised their price objective on Royal Bank of Canada from C$198.00 to C$207.00 in a research note on Wednesday. National Bankshares set a C$179.00 price objective on Royal Bank of Canada and gave the company an "outperform" rating in a research note on Thursday, May 22nd. Finally, National Bank Financial lowered Royal Bank of Canada from an "outperform" rating to a "sector perform" rating in a research note on Thursday, May 29th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Royal Bank of Canada has an average rating of "Buy" and a consensus target price of C$188.92.

Royal Bank of Canada Stock Performance

Shares of TSE RY traded up C$1.46 during mid-day trading on Wednesday, reaching C$187.19. The company had a trading volume of 944,129 shares, compared to its average volume of 4,477,054. Royal Bank of Canada has a one year low of C$149.99 and a one year high of C$187.29. The firm has a market cap of C$264.87 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 3.42 and a beta of 0.84. The business's 50-day simple moving average is C$178.63 and its 200 day simple moving average is C$171.01.

Insiders Place Their Bets

In other Royal Bank of Canada news, Director David Ian Mckay sold 20,304 shares of Royal Bank of Canada 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 value of C$3,701,453.72. Also, Senior Officer Graeme Ashley Hepworth sold 308 shares of Royal Bank of Canada 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 value of C$56,148.92. Over the last three months, insiders sold 63,039 shares of company stock worth $11,175,413.

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.

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