Royal Bank of Canada Rating Reiterated by Scotiabank (RY)

Royal Bank of Canada (TSE:RY)‘s stock had its “sector outperform” rating restated by equities research analysts at Scotiabank in a research report issued on Thursday, reports. They currently have a C$79.00 price target on the stock, down from their previous price target of C$82.00. Scotiabank’s price target would suggest a potential upside of 7.19% from the stock’s previous close.

RY has been the subject of several other research reports. CIBC cut their target price on Royal Bank of Canada from C$86.00 to C$84.00 and set an “outperform” rating on the stock in a research report on Monday, August 17th. National Bank Financial increased their price target on Royal Bank of Canada from C$82.00 to C$83.00 in a report on Wednesday, June 3rd. Barclays lowered their price objective on Royal Bank of Canada from C$79.00 to C$76.00 in a research note on Wednesday, August 12th. TD Securities increased their price target on Royal Bank of Canada from C$88.00 to C$90.00 and gave the company a “buy” rating in a research report on Friday, May 29th. Finally, BMO Capital Markets raised their target price on Royal Bank of Canada from C$89.00 to C$90.00 and gave the stock a “market perform” rating in a research report on Friday, May 29th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of C$81.73.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Monday, October 26th will be paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 4.29%.

In other news, insider Alex Douglas Mcgregor sold 12,761 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of C$70.65, for a total value of C$901,567.20.

Royal Bank of Canada is a banking company. It serves over 16 million personal, business and corporate clients across a diversified mix of businesses in 40 countries. The Company’s five business segments include Personal Commercial Banking, Wealth Management, Insurance, Investor Treasury Services and Capital Markets. The Company’s Personal Commercial Banking consists of personal and business banking operations, auto financing and retail investment businesses. Wealth Management consists of Canadian Wealth Management, United States and International Wealth Management and Global Asset Management. Insurance consists of its insurance operations in Canada and globally and operates under two business lines: Canadian Insurance and International Insurance. Investor Treasury Services segment offers global custody, fund and pension administration. Capital Markets consists of a majority of its global wholesale banking businesses.

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Saturday, August 29th, 2015 EN

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