Bank of America Securities Sticks to Its Buy Rating for Royal Bank Of Canada (RY)

In a report released on May 29, Ebrahim Poonawala from Bank of America Securities maintained a Buy rating on Royal Bank Of Canada (RY – Research Report), with a price target of C$194.00.
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Poonawala covers the Financial sector, focusing on stocks such as JPMorgan Chase, Morgan Stanley, and US Bancorp. According to TipRanks, Poonawala has an average return of 11.3% and a 66.27% success rate on recommended stocks.
In addition to Bank of America Securities, Royal Bank Of Canada also received a Buy from Barclays's Brian Morton in a report issued yesterday. However, on the same day, National Bank downgraded Royal Bank Of Canada (NYSE: RY) to a Hold.
Based on Royal Bank Of Canada's latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $16.72 billion and a net profit of $5.13 billion. In comparison, last year the company earned a revenue of $13.76 billion and had a net profit of $3.58 billion
Based on the recent corporate insider activity of 73 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RY in relation to earlier this year.

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