Royal Bank of Canada (RY) Price Target Raised to C$85.00 at Scotiabank
Royal Bank of Canada (TSE:RY) had its price target increased by analysts at Scotiabank from C$84.00 to C$85.00 in a research note issued on Friday, StockTargetPrices.com reports. The brokerage currently has an “outperform” rating on the stock. Scotiabank’s price objective would suggest a potential upside of 6.25% from the stock’s previous close.
In other news, insider Alex Douglas Mcgregor sold 28,000 shares of the firm’s stock in a transaction dated Thursday, March 10th. The shares were sold at an average price of C$73.90, for a total value of C$2,069,278.40. Also, insider Jennifer Anne Tory sold 857 shares of the firm’s stock in a transaction dated Monday, March 21st. The stock was sold at an average price of C$75.18, for a total transaction of C$64,431.83.
Several other equities research analysts have also issued reports on the stock. Barclays dropped their price objective on shares of Royal Bank of Canada from C$71.00 to C$58.00 in a research report on Wednesday, February 17th. National Bank Financial decreased their target price on shares of Royal Bank of Canada from C$79.00 to C$74.00 in a research note on Wednesday, February 10th. Bank of America decreased their target price on shares of Royal Bank of Canada from C$92.00 to C$85.00 in a research note on Thursday, February 25th. CIBC upped their target price on shares of Royal Bank of Canada from C$78.00 to C$81.00 in a research note on Tuesday, May 17th. Finally, TD Securities downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating and decreased their target price for the company from C$80.00 to C$78.00 in a research note on Wednesday, March 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Royal Bank of Canada presently has an average rating of “Hold” and an average price target of C$82.67.
Shares of Royal Bank of Canada (TSE:RY) traded up 0.51% on Friday, hitting $80.41. The stock had a trading volume of 1,494,094 shares. The company has a 50-day moving average of $77.10 and a 200-day moving average of $73.72. Royal Bank of Canada has a 52-week low of $64.52 and a 52-week high of $80.63. The company has a market cap of $119.55 billion and a P/E ratio of 12.08.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 24th. Shareholders of record on Tuesday, July 26th will be paid a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 4.05%.
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.