Royal Bank of Canada (TSE:RY) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price raised by Canaccord Genuity Group from C$172.00 to C$188.00 in a research report report published on Tuesday morning,BayStreet.CA reports.

Other analysts have also issued research reports about the company. TD Securities lowered Royal Bank of Canada from a “buy” rating to a “hold” rating and raised their price target for the stock from C$178.00 to C$180.00 in a research note on Friday, November 15th. BMO Capital Markets raised their price target on Royal Bank of Canada from C$165.00 to C$195.00 in a research note on Monday. Bank of America raised their price target on Royal Bank of Canada from C$162.00 to C$180.00 in a research note on Thursday, August 29th. Desjardins raised their price target on Royal Bank of Canada from C$156.00 to C$163.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Finally, Scotiabank dropped their price target on Royal Bank of Canada from C$157.00 to C$154.00 in a research note on Monday, August 19th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Royal Bank of Canada currently has an average rating of “Moderate Buy” and a consensus price target of C$167.08.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock opened at C$171.69 on Tuesday. 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$242.08 billion, a price-to-earnings ratio of 15.21, a P/E/G ratio of 3.42 and a beta of 0.84. The company’s 50 day moving average price is C$169.56 and its 200-day moving average price is C$155.96.

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

Royal Bank of Canada Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.42 per share. The ex-dividend date is Thursday, October 24th. This represents a $5.68 annualized dividend and a dividend yield of 3.31%. Royal Bank of Canada’s payout ratio is presently 50.31%.

Insider Activity

In related news, Senior Officer Douglas Antony Guzman sold 7,500 shares of Royal Bank of Canada stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of C$166.96, for a total value of C$1,252,207.50. Following the completion of the sale, the insider now directly owns 25 shares in the company, valued at approximately C$4,174.03. This trade represents a 99.67 % decrease in their position. Also, Director David Ian Mckay sold 74,852 shares of Royal Bank of Canada stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total value of C$12,320,115.24. Insiders sold 144,770 shares of company stock worth $23,959,265 over the last three months.

Royal Bank of Canada Company Profile

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.