Scotiabank Boosts Royal Bank of Canada (TSE:RY) Price Target to C$252.00

Key Points

• Scotiabank raised its price target on Royal Bank of Canada to C$252.00 (from C$247) with a "sector outperform" rating, implying roughly a 4% upside from the current share price.
• Analyst sentiment is broadly positive—MarketBeat shows a consensus rating of "Moderate Buy" with an average target of C$245.00, and several firms (notably Raymond James) recently lifted targets up to C$260.00.
• Insiders have been net sellers recently, disposing of 29,110 shares over the past three months (about $7.07M), including a C$5.61M sale by director David Ian McKay.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its target price increased by research analysts at Scotiabank from C$247.00 to C$252.00 in a report released on Monday,BayStreet.CA reports. The firm presently has a "sector outperform" rating on the financial services provider's stock. Scotiabank's target price suggests a potential upside of 4.00% from the company's current price.

Other equities analysts have also recently issued reports about the stock. Barclays upped their price objective on shares of Royal Bank of Canada from C$244.00 to C$245.00 in a research report on Friday, February 27th. Desjardins upped their price objective on shares of Royal Bank of Canada from C$247.00 to C$250.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Raymond James Financial upped their price objective on shares of Royal Bank of Canada from C$255.00 to C$260.00 and gave the stock a "buy" rating in a research report on Friday, February 27th. Jefferies Financial Group upped their price objective on shares of Royal Bank of Canada from C$217.00 to C$220.00 in a research report on Wednesday, February 11th. Finally, National Bank Financial upped their price objective on shares of Royal Bank of Canada from C$241.00 to C$247.00 and gave the stock an "outperform" rating in a research report on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of C$245.00.

Royal Bank of Canada Trading Down 0.8%

TSE:RY traded down C$1.90 during trading hours on Monday, reaching C$242.30. 853,217 shares of the company were exchanged, compared to its average volume of 3,708,354. The stock's 50-day moving average is C$230.93 and its 200-day moving average is C$225.65. The firm has a market cap of C$336.92 billion, a PE ratio of 16.64, a price-to-earnings-growth ratio of 3.42 and a beta of 1.07. Royal Bank of Canada has a twelve month low of C$165.36 and a twelve month high of C$246.72.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last posted its quarterly earnings data on Thursday, February 26th. The financial services provider reported C$4.08 earnings per share for the quarter. The company had revenue of C$17.96 billion during the quarter. Royal Bank of Canada had a net margin of 20.88% and a return on equity of 15.37%. As a group, research analysts anticipate that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Insiders Place Their Bets

In other news, insider Jennifer Kristine Publicover sold 439 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total value of C$106,597.98. Following the completion of the sale, the insider directly owned 152 shares in the company, valued at C$36,908.64. This represents a 74.28% decrease in their ownership of the stock. Also, Director David Ian Mckay sold 23,089 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total transaction of C$5,606,470.98. Following the completion of the sale, the director owned 5,873 shares of the company's stock, valued at C$1,426,081.86. This trade represents a 79.72% decrease in their ownership of the stock. Over the last three months, insiders sold 29,110 shares of company stock valued at $7,068,490.

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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