TD Issues Positive Forecast for Royal Bank of Canada (TSE:RY) Stock Price

Key Points

• TD raised Royal Bank of Canada’s price target from C$272 to C$307 and reiterated a “buy” rating, implying 3.41% upside from the reported trading price.
• Analyst sentiment remains favorable, with one Strong Buy, eight Buy, and three Hold ratings; MarketBeat assigns the stock an overall “Moderate Buy” rating and an average target of C$271.85.
• Royal Bank of Canada shares rose 1.3% to C$296.88, while insiders sold approximately 353,206 shares worth $100.2 million during the quarter.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its price objective hoisted by equities research analysts at TD from C$272.00 to C$307.00 in a research note issued on Wednesday,BayStreet.CA reports. The firm presently has a "buy" rating on the financial services provider's stock. TD's target price indicates a potential upside of 3.41% from the company's current price.

A number of other brokerages have also recently issued reports on RY. Desjardins upped their price objective on shares of Royal Bank of Canada from C$275.00 to C$320.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Scotiabank boosted their price target on Royal Bank of Canada from C$275.00 to C$280.00 and gave the stock a "sector outperform" rating in a research report on Tuesday, June 16th. Canadian Imperial Bank of Commerce upped their price target on Royal Bank of Canada from C$258.00 to C$279.00 and gave the stock a "neutral" rating in a research note on Friday, May 29th. Canaccord Genuity Group upped their price target on Royal Bank of Canada from C$282.00 to C$310.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Finally, Raymond James Financial raised their price objective on Royal Bank of Canada from C$265.50 to C$270.50 and gave the company a "market perform" rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of C$271.85.

Royal Bank of Canada Trading Up 1.3%

TSE RY traded up C$3.76 during trading on Wednesday, reaching 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 capitalization of C$412.56 billion, a PE ratio of 19.30, a PEG ratio of 3.42 and a beta of 1.05. Royal Bank of Canada has a 1-year low of C$186.24 and a 1-year high of C$306.38. The business has a 50-day moving average price of C$290.07 and a 200-day moving average price of C$255.45.

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

Insiders Place Their Bets

In other Royal Bank of Canada news, insider Bruce Washington Ross sold 45,670 shares of the company's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of C$293.11, for a total transaction of C$13,386,333.70. Following the completion of the sale, the insider directly owned 235 shares in the company, valued at C$68,880.85. This represents a 99.49% decrease in their ownership of the stock. Also, Director David Ian Mckay sold 133,130 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of C$287.21, for a total value of C$38,236,267.30. Following the completion of the sale, the director directly owned 5,873 shares in the company, valued at approximately C$1,686,784.33. This represents a 95.77% 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 quarter.

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