Canaccord Genuity Group Forecasts Strong Price Appreciation for Royal Bank of Canada (TSE:RY) Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective raised by Canaccord Genuity Group from C$172.00 to C$188.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. Canaccord Genuity Group’s price objective would indicate a potential upside of 9.86% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Jefferies Financial Group lowered their target price on Royal Bank of Canada from C$168.00 to C$165.00 and set a “buy” rating for the company in a research note on Monday, August 12th. BMO Capital Markets increased their target price on Royal Bank of Canada from C$165.00 to C$195.00 in a research note on Monday. Scotiabank lowered their target price on Royal Bank of Canada from C$157.00 to C$154.00 in a research note on Monday, August 19th. Barclays raised their price target on shares of Royal Bank of Canada from C$145.00 to C$150.00 in a research note on Tuesday, August 20th. Finally, Bank of America raised their price target on shares of Royal Bank of Canada from C$162.00 to C$180.00 in a research note on Thursday, August 29th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$167.08.

Royal Bank of Canada Price Performance

Shares of RY traded down C$0.47 during trading hours on Tuesday, hitting C$171.13. The stock had a trading volume of 514,672 shares, compared to its average volume of 4,858,020. The company’s fifty day moving average is C$169.41 and its two-hundred day moving average is C$155.69. Royal Bank of Canada has a 52 week low of C$115.57 and a 52 week high of C$175.04. The stock has a market capitalization of C$241.29 billion, a price-to-earnings ratio of 15.15, a P/E/G ratio of 3.42 and a beta of 0.84.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share for the quarter, beating analysts’ consensus estimates of C$2.95 by C$0.31. The business had revenue of C$14.63 billion for the quarter, compared to the consensus estimate of C$14.27 billion. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. Equities analysts predict that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Senior Officer Douglas Antony Guzman sold 7,500 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of C$166.96, for a total transaction of C$1,252,207.50. Following the sale, the insider now directly owns 25 shares in the company, valued at approximately C$4,174.03. The trade was a 99.67 % decrease in their ownership of the stock. Also, Director David Ian Mckay sold 74,852 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of C$164.59, for a total value of C$12,320,115.24. Over the last quarter, insiders have sold 144,770 shares of company stock worth $23,959,265.

About Royal Bank of Canada

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.