Royal Bank of Canada (RY) Stock Rating Reaffirmed by CSFB
Royal Bank of Canada (TSE:RY) (NYSE:RY)‘s stock had its “outperform” rating restated by research analysts at CSFB in a report released on Tuesday. They presently have a C$100.00 target price on the stock. CSFB’s price objective suggests a potential upside of 16.24% from the company’s current price.
A number of other brokerages have also recently issued reports on RY. Desjardins boosted their target price on Royal Bank of Canada from C$86.00 to C$89.00 in a report on Monday. Canaccord Genuity boosted their target price on Royal Bank of Canada from C$85.00 to C$89.00 and gave the stock a “buy” rating in a report on Thursday, October 13th. National Bank Financial upped their price target on Royal Bank of Canada from C$83.00 to C$84.00 in a report on Thursday, August 25th. Bank of America Corp. upped their price target on Royal Bank of Canada from C$75.00 to C$76.00 and gave the stock an “underperform” rating in a report on Thursday, August 25th. Finally, Scotiabank upped their price target on Royal Bank of Canada from C$85.00 to C$86.00 and gave the stock an “outperform” rating in a 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 stock. The stock currently has an average rating of “Hold” and a consensus price target of C$85.77.
Royal Bank of Canada (TSE:RY) opened at 86.03 on Tuesday. Royal Bank of Canada has a one year low of $64.52 and a one year high of $86.82. The firm has a market capitalization of $127.65 billion and a PE ratio of 12.54. The stock has a 50 day moving average of $83.25 and a 200-day moving average of $80.24.
The company also recently declared a quarterly dividend, which will be paid on Thursday, November 24th. Investors 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 related news, insider Janice Rose Fukakusa sold 62,960 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The stock was 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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