Royal Bank of Canada (RY) Price Target Raised to C$102.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective upped by Scotiabank from C$101.00 to C$102.00 in a research note issued to investors on Friday morning. Scotiabank currently has an outperform rating on the financial services provider’s stock.

A number of other research firms have also recently issued reports on RY. TD Securities reissued a buy rating on shares of Royal Bank of Canada in a research report on Monday, April 3rd. Barclays PLC lifted their price objective on Royal Bank of Canada from C$77.00 to C$84.00 in a research report on Monday, February 13th. National Bank Financial reaffirmed a sector perform rating and issued a C$99.00 price target on shares of Royal Bank of Canada in a research report on Friday, May 26th. CIBC boosted their price target on Royal Bank of Canada from C$101.00 to C$106.00 in a research report on Tuesday, March 7th. Finally, Keefe, Bruyette & Woods boosted their price target on Royal Bank of Canada from C$83.00 to C$92.00 in a research report on Tuesday, February 21st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of C$95.23.

Shares of Royal Bank of Canada (TSE RY) opened at 93.54 on Friday. The firm has a market cap of $136.28 billion and a price-to-earnings ratio of 12.73. Royal Bank of Canada has a 1-year low of $74.64 and a 1-year high of $99.90. The stock has a 50 day moving average price of $94.02 and a 200-day moving average price of $93.93.

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The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Wednesday, July 26th will be given a $0.87 dividend. This represents a $3.48 dividend on an annualized basis and a dividend yield of 3.72%.

In other news, insider Alex Douglas Mcgregor sold 14,475 shares of Royal Bank of Canada stock in a transaction dated Monday, March 6th. The stock was sold at an average price of C$99.10, for a total value of C$1,434,472.50. Also, Director David Ian Mckay sold 3,578 shares of Royal Bank of Canada stock in a transaction dated Monday, April 24th. The stock was sold at an average price of C$95.95, for a total value of C$343,309.10. Insiders sold 22,701 shares of company stock valued at $2,211,704 in the last ninety days.

About Royal Bank of Canada

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. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

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