Royal Bank of Canada (RY) Given New C$81.00 Price Target at TD Securities
Royal Bank of Canada (TSE:RY) had its price target lifted by stock analysts at TD Securities from C$79.00 to C$81.00 in a research note issued on Friday, StockTargetPrices.com reports. The brokerage presently has a “hold” rating on the stock. TD Securities’ price objective points to a potential upside of 1.25% from the company’s current price.
Royal Bank of Canada (TSE:RY) traded up 0.51% during trading on Friday, reaching $80.41. The company had a trading volume of 1,494,094 shares. The stock has a 50 day moving average price of $77.10 and a 200 day moving average price of $73.72. Royal Bank of Canada has a 52 week low of $64.52 and a 52 week high of $80.63. The firm has a market capitalization of $119.55 billion and a P/E ratio of 12.08.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 24th. Stockholders of record on Tuesday, July 26th will be paid a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 4.05%.
In other news, insider Jennifer Anne Tory sold 857 shares of the company’s stock in a transaction on Monday, March 21st. The shares were sold at an average price of C$75.18, for a total value of C$64,431.83. Also, Director William Geoffrey Beattie bought 50,000 shares of the firm’s stock in a transaction dated Monday, February 29th. The stock was purchased at an average price of C$68.69 per share, with a total value of C$3,434,250.00.
Several other brokerages have also commented on RY. Scotiabank upped their price target on shares of Royal Bank of Canada from C$84.00 to C$85.00 and gave the stock an “outperform” rating in a research report on Friday. Canaccord Genuity upped their price target on shares of Royal Bank of Canada from C$72.00 to C$76.00 in a research report on Monday, May 2nd. National Bank Financial upped their price target on shares of Royal Bank of Canada from C$77.00 to C$83.00 in a research report on Friday. CIBC dropped their price target on shares of Royal Bank of Canada from C$79.00 to C$78.00 in a research report on Thursday, February 25th. Finally, Bank of America dropped their price objective on shares of Royal Bank of Canada from C$92.00 to C$85.00 in a research report on Thursday, February 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. Royal Bank of Canada has an average rating of “Hold” and a consensus price target of C$82.67.
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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