Eight Capital Upgrades Royal Bank of Canada (RY) to Buy

Royal Bank of Canada (TSE:RY) (NYSE:RY) was upgraded by Eight Capital from a “neutral” rating to a “buy” rating in a research note issued on Monday. The firm presently has a C$113.00 price target on the financial services provider’s stock, up from their prior price target of C$107.00. Eight Capital’s price target would indicate a potential upside of 10.28% from the stock’s previous close.

A number of other brokerages also recently issued reports on RY. Canaccord Genuity raised their price target on shares of Royal Bank of Canada from C$105.00 to C$108.00 in a report on Thursday, November 30th. BMO Capital Markets restated a “market perform” rating and set a C$100.00 price target on shares of Royal Bank of Canada in a report on Thursday, August 24th. Barclays raised their price target on shares of Royal Bank of Canada from C$94.20 to C$96.00 in a report on Friday, August 25th. CIBC raised their price target on shares of Royal Bank of Canada from C$103.00 to C$113.00 in a report on Monday, November 13th. Finally, Scotiabank lifted their target price on shares of Royal Bank of Canada from C$110.00 to C$111.00 and gave the company a “sector perform” rating in a report on Thursday, November 30th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of C$105.17.

Shares of Royal Bank of Canada (TSE:RY) traded up C$0.48 during midday trading on Monday, hitting C$102.47. 1,448,448 shares of the stock were exchanged, compared to its average volume of 2,601,861. Royal Bank of Canada has a fifty-two week low of C$89.56 and a fifty-two week high of C$102.50.

In other news, Director Jeffery William Yabuki acquired 1,000 shares of the firm’s stock in a transaction dated Tuesday, December 5th. The stock was acquired at an average cost of C$79.63 per share, with a total value of C$79,630.00. Also, Director Thierry Vandal acquired 729 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were purchased at an average cost of C$91.91 per share, with a total value of C$67,002.39. Insiders sold a total of 32,731 shares of company stock valued at $3,209,901 in the last three months.

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Royal Bank of Canada Company Profile

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company operates through five segments: Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury Services, and Capital Markets. The Personal & Commercial Banking segment engages in the personal and business banking operations, auto financing, and retail investment businesses.

Analyst Recommendations for Royal Bank of Canada (TSE:RY)

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