Canaccord Genuity Raises Royal Bank of Canada (RY) Price Target to C$89.00
Royal Bank of Canada (TSE:RY) had its price objective upped by analysts at Canaccord Genuity from C$85.00 to C$89.00 in a research note issued to investors on Thursday. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s target price would indicate a potential upside of 7.74% from the stock’s previous close.
Several other equities research analysts have also recently weighed in on the stock. National Bank Financial raised their price objective on shares of Royal Bank of Canada from C$83.00 to C$84.00 in a research report on Thursday, August 25th. Bank of America Corp. raised their price objective on shares of Royal Bank of Canada from C$75.00 to C$76.00 and gave the company an “underperform” rating in a research report on Thursday, August 25th. CSFB lowered their price objective on shares of Royal Bank of Canada from C$100.00 to C$96.00 and set an “outperform” rating for the company in a research report on Thursday, August 25th. Scotiabank raised their price objective on shares of Royal Bank of Canada from C$85.00 to C$86.00 and gave the company an “outperform” rating in a research report on Thursday, August 25th. Finally, Desjardins restated a “buy” rating and issued a C$86.00 price objective on shares of Royal Bank of Canada in a research report on Thursday, August 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. Royal Bank of Canada currently has a consensus rating of “Hold” and an average target price of C$85.23.
Royal Bank of Canada (TSE:RY) traded up 0.61% during mid-day trading on Thursday, reaching $82.61. 2,396,520 shares of the company traded hands. The firm has a market cap of $122.57 billion and a PE ratio of 12.04. The stock’s 50-day moving average price is $81.32 and its 200-day moving average price is $78.86. Royal Bank of Canada has a one year low of $64.52 and a one year high of $83.00.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 24th. Investors of record on Wednesday, October 26th will be paid a dividend of $0.83 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend is Monday, October 24th. This represents a $3.32 annualized dividend and a yield of 4.02%.
In related news, insider Janice Rose Fukakusa sold 62,960 shares of Royal Bank of Canada stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of C$81.08, for a total transaction of C$5,104,796.80.
About Royal Bank of Canada
Royal Bank of Canada (RBC) is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. It operates in five segments: Personal & Commercial Banking, which operates comprises its personal and business banking operations, as well as its auto financing and retail investment businesses; Wealth Management, which comprises Canadian Wealth Management, United States and International Wealth Management and Global Asset Management (GAM); Insurance, which operates under two business lines: Canadian Insurance and International Insurance; Investor & Treasury Services, which is a provider of asset servicing, custody, payments and treasury services, and Capital Markets, which comprises two business lines: Corporate and Investment Banking and Global Markets.
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