TD Securities Upgrades Royal Bank of Canada (TSE:RY) to “Buy”

Royal Bank of Canada (TSE:RY) (NYSE:RY) was upgraded by research analysts at TD Securities from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm currently has a C$246.00 target price on the financial services provider’s stock, up from their previous target price of C$215.00. TD Securities’ price target would indicate a potential upside of 9.78% from the company’s previous close.

A number of other brokerages have also recently commented on RY. Raymond James Financial boosted their target price on shares of Royal Bank of Canada from C$229.00 to C$239.00 and gave the stock an “outperform” rating in a report on Thursday. UBS Group lifted their price target on Royal Bank of Canada from C$225.00 to C$238.00 in a research report on Tuesday, November 25th. National Bankshares raised Royal Bank of Canada from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from C$203.00 to C$231.00 in a research note on Monday, November 17th. Cibc World Mkts lowered Royal Bank of Canada from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 5th. Finally, Canaccord Genuity Group lifted their target price on Royal Bank of Canada from C$201.00 to C$219.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of C$221.86.

Royal Bank of Canada Stock Performance

Shares of RY traded up C$5.45 during mid-day trading on Thursday, hitting C$224.09. 2,401,138 shares of the stock were exchanged, compared to its average volume of 4,080,429. The company has a market cap of C$316.04 billion, a PE ratio of 16.95, a price-to-earnings-growth ratio of 3.42 and a beta of 1.28. Royal Bank of Canada has a 52-week low of C$151.25 and a 52-week high of C$225.26. The firm has a 50-day moving average of C$207.06 and a two-hundred day moving average of C$192.35.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its earnings results on Wednesday, December 3rd. The financial services provider reported C$3.85 earnings per share for the quarter. Royal Bank of Canada had a net margin of 28.23% and a return on equity of 13.27%. The firm had revenue of C$17.21 billion during the quarter. On average, sell-side analysts predict that Royal Bank of Canada will post 12.3454675 EPS for the current year.

About Royal Bank of Canada

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S.