Scotiabank Forecasts Strong Price Appreciation for Royal Bank of Canada (TSE:RY) Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective upped by research analysts at Scotiabank from C$275.00 to C$280.00 in a report released on Tuesday,BayStreet.CA reports. The firm presently has a “sector outperform” rating on the financial services provider’s stock. Scotiabank’s target price would suggest a potential downside of 0.43% from the stock’s current price.

RY has been the subject of several other reports. Canaccord Genuity Group upped their target price on shares of Royal Bank of Canada from C$280.00 to C$282.00 and gave the company a “buy” rating in a research note on Friday, June 5th. TD increased their price objective on shares of Royal Bank of Canada from C$267.00 to C$272.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Canadian Imperial Bank of Commerce raised their target price on shares of Royal Bank of Canada from C$258.00 to C$279.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. TD Securities reduced their target price on shares of Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Finally, National Bank Financial increased their price target on shares of Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$260.81.

Royal Bank of Canada Stock Up 1.0%

RY stock traded up C$2.74 during trading hours on Tuesday, hitting C$281.20. The company’s stock had a trading volume of 949,490 shares, compared to its average volume of 3,621,926. The company has a market capitalization of C$390.77 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 3.42 and a beta of 1.08. Royal Bank of Canada has a 12 month low of C$173.56 and a 12 month high of C$282.00. The stock has a 50 day moving average price of C$252.11 and a two-hundred day moving average price of C$237.08.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its earnings results on Thursday, May 28th. The financial services provider reported C$3.90 EPS for the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. The company had revenue of C$17.45 billion during the quarter. Sell-side analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Insider Activity

In other news, insider Katherine Gibson sold 462 shares of Royal Bank of Canada stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of C$261.83, for a total value of C$120,965.46. Following the sale, the insider directly owned 290 shares in the company, valued at C$75,930.70. This trade represents a 61.44% decrease in their ownership of the stock. Also, Director David Ian Mckay sold 23,089 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of C$261.83, for a total transaction of C$6,045,392.87. Following the completion of the transaction, the director directly owned 5,873 shares of the company’s stock, valued at C$1,537,727.59. This represents a 79.72% decrease in their ownership of the stock. In the last ninety days, insiders sold 96,950 shares of company stock worth $25,181,544.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.