Royal Bank of Canada (RY), the Financial sector company, was revisited by a Wall Street analyst on May 21. Analyst Sumit Malhotra from Scotiabank rated Royal Bank of Canada (RY) a Buy on May 21, setting a C$113 price target.
According to TipRanks.com, Malhotra is a 4-star analyst with an average return of 8.0% and a 66.5% success rate. Malhotra covers the Financial sector, focusing on stocks such as Canadian Bank of Commerce, Manulife Financial Corp, and National Bank of Canada.
Currently, the analyst consensus on Royal Bank of Canada is a Moderate Buy with an average price target of C$108, implying a 2.7% upside from current levels. In a report issued on May 13, Desjardins also reiterated a Buy rating on the stock with a C$111 price target.
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Royal Bank of Canada’s market cap is currently C$150.9B and has a P/E ratio of 12.4. The company has a Price to Book ratio of 2.04.
Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking; Wealth Management; Insurance; Investor and Treasury Services; Capital Markets; and Corporate Support.
The company’s shares closed on Wednesday at C$105.18, close to its 52-week high of C$107.91.
