Scotiabank Cuts Royal Bank of Canada (TSE:RY) Price Target to C$150.00

Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) had its price target decreased by Scotiabank from C$163.00 to C$150.00 in a note issued to investors on Wednesday, BayStreet.CA reports. Scotiabank’s price target indicates a potential upside of 9.60% from the company’s current price.

Other equities research analysts have also issued reports about the company. Canaccord Genuity Group boosted their target price on Royal Bank of Canada from C$148.00 to C$150.00 in a report on Thursday, February 17th. CIBC upgraded Royal Bank of Canada from a “neutral” rating to a “buy” rating and reduced their target price for the stock from C$151.00 to C$149.00 in a report on Monday. TD Securities boosted their target price on Royal Bank of Canada from C$150.00 to C$165.00 in a report on Tuesday, February 15th. National Bankshares boosted their target price on Royal Bank of Canada from C$140.00 to C$147.00 in a report on Wednesday, February 23rd. Finally, Fundamental Research reduced their target price on Royal Bank of Canada from C$152.07 to C$151.16 and set a “buy” rating for the company in a report on Monday, March 7th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of C$147.44.

Shares of Royal Bank of Canada stock opened at C$136.86 on Wednesday. The firm has a market cap of C$193.88 billion and a price-to-earnings ratio of 12.18. Royal Bank of Canada has a 52-week low of C$114.91 and a 52-week high of C$149.60. The stock has a 50-day simple moving average of C$140.24 and a 200-day simple moving average of C$136.19.

Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) last announced its quarterly earnings results on Thursday, February 24th. The financial services provider reported C$2.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of C$2.72 by C$0.15. The firm had revenue of C$13.07 billion for the quarter. On average, equities research analysts predict that Royal Bank of Canada will post 11.9799998 EPS for the current year.

In other Royal Bank of Canada news, Director David Ian Mckay sold 4,077 shares of the company’s stock in a transaction on Monday, January 24th. The stock was sold at an average price of C$141.40, for a total value of C$576,483.32. Following the sale, the director now directly owns 5,873 shares in the company, valued at C$830,435.74. Also, Senior Officer Helena Gottschling sold 404 shares of the company’s stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of C$141.65, for a total value of C$57,226.60. Following the completion of the sale, the insider now owns 1,328 shares in the company, valued at C$188,111.20. Over the last 90 days, insiders have sold 13,039 shares of company stock worth $1,849,173.

About Royal Bank of Canada (Get Rating)

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.

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