Royal Bank of Canada (TSE:RY) Upgraded by Erste Group Bank to Strong-Buy Rating

Key Points

• The Royal Bank of Canada (TSE:RY) has been upgraded to a strong-buy rating by Erste Group Bank, signaling increased investor confidence.
• Several analysts have raised their price targets for the Royal Bank of Canada, with Scotiabank setting a new target of C$210.00 and Canaccord Genuity increasing it to C$219.00.
• Insider sales have been noted, with insiders selling a total of 21,013 shares worth approximately $3.8 million over the past 90 days.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY was upgraded by equities research analysts at Erste Group Bank to a "strong-buy" rating in a research note issued to investors on Monday,Zacks.com reports.

RY has been the topic of a number of other research reports. Scotiabank boosted their price target on Royal Bank of Canada from C$186.00 to C$210.00 and gave the company an "outperform" rating in a report on Thursday, August 28th. Canaccord Genuity Group upped their target price on 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. TD Securities raised their target price on Royal Bank of Canada from C$191.00 to C$208.00 and gave the company a "hold" rating in a research note on Thursday, August 28th. Barclays raised their target price on Royal Bank of Canada from C$190.00 to C$203.00 in a research note on Thursday, August 28th. Finally, National Bank Financial cut Royal Bank of Canada from an "outperform" rating to a "sector perform" rating in a research note on Thursday, May 29th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of C$206.00.

Royal Bank of Canada Price Performance

Shares of TSE:RY opened at C$204.77 on Monday. Royal Bank of Canada has a 1 year low of C$151.25 and a 1 year high of C$206.90. The company has a market cap of C$288.79 billion, a PE ratio of 15.49, a P/E/G ratio of 3.42 and a beta of 1.17. The stock's 50-day moving average is C$191.06 and its 200 day moving average is C$176.76.

Insider Activity

In other news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of C$182.30, for a total transaction of C$56,148.92. Also, Senior Officer Jennifer Kristine Publicover sold 401 shares of Royal Bank of Canada stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of C$182.30, for a total value of C$73,102.98. Following the completion of the transaction, the insider owned 152 shares of the company's stock, valued at approximately C$27,709.86. This represents a 72.51% decrease in their position. Insiders sold a total of 21,013 shares of company stock worth $3,830,706 over the last 90 days.

About Royal Bank of Canada

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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