The stock of Royal Bank of Canada (NYSE:RY) hit a new 52-week high and has $73.06 target or 9.00% above today’s $67.03 share price. The 8 months bullish chart indicates low risk for the $100.22B company. The 1-year high was reported on Nov, 29 by Barchart.com. If the $73.06 price target is reached, the company will be worth $9.02 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 358,224 shares traded hands. Royal Bank of Canada (NYSE:RY) has risen 7.82% since April 26, 2016 and is uptrending. It has outperformed by 2.56% the S&P500.
Analysts await Royal Bank of Canada (NYSE:RY) to report earnings on November, 30 before the open. They expect $1.28 EPS, down 3.03% or $0.04 from last year’s $1.32 per share. RY’s profit will be $1.91B for 13.09 P/E if the $1.28 EPS becomes a reality. After $1.32 actual EPS reported by Royal Bank of Canada for the previous quarter, Wall Street now forecasts -3.03% negative EPS growth.
Royal Bank of Canada (NYSE:RY) Ratings Coverage
Out of 9 analysts covering Royal Bank Of Canada (NYSE:RY), 5 rate it a “Buy”, 2 “Sell”, while 2 “Hold”. This means 56% are positive. Royal Bank Of Canada has been the topic of 14 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The firm earned “Buy” rating on Thursday, August 25 by Argus Research. Argus Research initiated it with “Buy” rating and $69 target price in Friday, July 1 report. The firm has “Buy” rating by Citigroup given on Monday, August 15. On Saturday, August 22 the stock rating was downgraded by Zacks to “Hold”. The firm has “Buy” rating by Citigroup given on Wednesday, September 14. Bank of America maintained Royal Bank of Canada (NYSE:RY) rating on Thursday, August 27. Bank of America has “Buy” rating and $72 price target. The firm earned “Buy” rating on Monday, November 21 by TD Securities.
According to Zacks Investment Research, “ROYAL BANK of Canada operate under the master brand name of RBC. They are Canada’s largest bank as measured by assets and market capitalization, and one of North America’s leading diversified financial services companies. They provide personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. They have employee approximately Seventy Thousant full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 36 other countries.”
More important recent Royal Bank of Canada (NYSE:RY) news were published by: Business.Financialpost.com which released: “Royal Bank of Canada was just upgraded by TD Bank” on November 21, 2016, also Cbc.ca published article titled: “Royal Bank hikes mortgage rates”, Wsj.com published: “Canadian Bank Earnings: What to Watch” on November 28, 2016. More interesting news about Royal Bank of Canada (NYSE:RY) was released by: Fool.ca and their article: “Royal Bank of Canada: It’s Part of the Ultimate All-Cap Financial Portfolio” with publication date: November 24, 2016.
RY Company Profile
Royal Bank of Canada (RBC), incorporated on June 22, 1869, is a diversified financial services company. The Firm provides personal and commercial banking, wealth management services, insurance, investor services and capital markets services and products on a global basis. The Firm serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries. The Company’s business divisions include Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, and Capital Markets. The Company, through its divisions, serves various lines of businesses, which include Personal Financial Services, Business Financial Services, Cards and Payment Solutions (Canadian Banking), Caribbean and United States Banking, Canadian Wealth Management, United States and International Wealth Management, Global Asset Management, Canadian Insurance, International Insurance, Corporate and Investment Banking, Global Markets and Other. The Company’s principal subsidiaries include Royal Bank Holding Inc., RBC USA Holdco Corporation, RBC Dominion Securities Limited, RBC Holdings (Barbados) Ltd., The Royal Trust Company, RBC Capital Trust and Royal Bank Mortgage Corporation. The Company’s principal subsidiaries include Royal Bank Holding Inc., RBC USA Holdco Corporation, RBC Dominion Securities Limited, RBC Holdings (Barbados) Ltd., The Royal Trust Company, RBC Capital Trust and Royal Bank Mortgage Corporation.
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