Desjardins Increases Royal Bank of Canada (RY) Price Target to C$89.00
Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective hoisted by analysts at Desjardins from C$86.00 to C$89.00 in a note issued to investors on Monday. Desjardins’ price objective indicates a potential upside of 3.46% from the company’s previous close.
A number of other research analysts have also issued reports on the stock. Barclays PLC raised their target price on shares of Royal Bank of Canada from C$67.00 to C$72.00 and gave the company an “underweight” rating in a research note on Wednesday, August 17th. Keefe, Bruyette & Woods raised their target price on shares of Royal Bank of Canada from C$71.00 to C$74.00 in a research note on Thursday, August 18th. Canaccord Genuity raised their target price on shares of Royal Bank of Canada from C$85.00 to C$89.00 and gave the company a “buy” rating in a research note on Thursday, October 13th. CSFB lowered their target price on shares of Royal Bank of Canada from C$100.00 to C$96.00 and set an “outperform” rating on the stock in a research note on Thursday, August 25th. Finally, National Bank Financial raised their target price on shares of Royal Bank of Canada from C$83.00 to C$84.00 in a research note on Thursday, August 25th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. Royal Bank of Canada currently has a consensus rating of “Hold” and a consensus target price of C$85.77.
Shares of Royal Bank of Canada (TSE:RY) opened at 86.02 on Monday. The firm has a market cap of $127.63 billion and a price-to-earnings ratio of 12.53. The company’s 50-day moving average is $83.10 and its 200 day moving average is $80.20. Royal Bank of Canada has a 1-year low of $64.52 and a 1-year high of $86.82.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 24th. Stockholders of record on Wednesday, October 26th will be given a dividend of $0.83 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Monday, October 24th.
In other news, insider Janice Rose Fukakusa sold 62,960 shares of Royal Bank of Canada stock in a transaction dated 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.
Royal Bank of Canada Company Profile
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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