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

Key Points

• Desjardins raised Royal Bank of Canada’s price target from C$275 to C$320 and maintained a “buy” rating, implying 8.11% upside from the previous close.
• Analyst sentiment remains favorable, with a “Moderate Buy” consensus rating and an average price target of C$266.42, based on one Strong Buy, eight Buy, and three Hold ratings.
• Royal Bank of Canada shares rose 0.9% to C$296, while the bank reported C$3.90 in quarterly EPS and C$17.45 billion in revenue; insiders sold roughly C$100.2 million worth of shares over the past 90 days.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its target price upped by investment analysts at Desjardins from C$275.00 to C$320.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. The brokerage presently has a "buy" rating on the financial services provider's stock. Desjardins' price target suggests a potential upside of 8.11% from the company's previous close.

A number of other brokerages also recently weighed in on RY. Barclays lifted their target price on Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an "overweight" rating in a report on Friday, May 29th. Jefferies Financial Group lifted their price objective on shares of Royal Bank of Canada from C$226.00 to C$232.00 in a research note on Wednesday, May 20th. National Bank Financial lifted their price target on shares of Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an "outperform" rating in a research note on Friday, May 15th. Canadian Imperial Bank of Commerce boosted their price objective on Royal Bank of Canada from C$258.00 to C$279.00 and gave the company a "neutral" rating in a report on Friday, May 29th. Finally, TD lifted their price target on shares of Royal Bank of Canada from C$267.00 to C$272.00 and gave the company a "buy" rating in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of C$266.42.

Royal Bank of Canada Stock Up 0.9%

RY traded up C$2.53 during trading on Wednesday, reaching C$296.00. 791,095 shares of the stock traded hands, compared to its average volume of 3,595,953. The stock's 50-day moving average is C$286.83 and its 200 day moving average is C$253.31. Royal Bank of Canada has a 12 month low of C$180.06 and a 12 month high of C$306.38. The stock has a market capitalization of C$411.34 billion, a PE ratio of 19.25, a P/E/G ratio of 3.42 and a beta of 1.05.

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

Insider Activity at Royal Bank of Canada

In other news, insider Katherine Gibson sold 462 shares of the firm's stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of C$297.19, for a total transaction of C$137,301.78. Following the completion of the sale, the insider directly owned 290 shares of the company's stock, valued at C$86,185.10. This trade represents a 61.44% decrease in their position. Also, Director David Ian Mckay sold 23,089 shares of the business's stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of C$297.19, for a total transaction of C$6,861,819.91. Following the completion of the transaction, the director directly owned 5,873 shares in the company, valued at C$1,745,396.87. This trade represents a 79.72% decrease in their ownership of the stock. Insiders sold a total of 353,206 shares of company stock valued at $100,237,874 in the last ninety days.

Royal Bank of Canada Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source