BMO Capital Raises Royal Bank of Canada (RY) PT to C$203

Royal Bank of Canada (NYSE:RY) is one of the best Goldman Sachs bank stocks. On August 28, BMO Capital assigned an Outperform rating to RY and lifted the price target from C$190 to C$203.

Royal Bank of Canada’s strong quarterly results supported the price target increase, with earnings per share of $3.84 topping BMO Capital’s $3.36 estimate and the $3.32 Street consensus. The bank has also shelled out dividend payments for 53 years.

According to BMO Capital, the upside surprise demonstrated broad-based momentum, driven by solid performance in Personal Banking and Capital Markets. The Personal Banking segment gained from higher net interest margins, loan expansion, and stronger net interest income.

Stronger trading revenue and improved Corporate & Investment Banking income also contributed to the outperformance, BMO observed.

Royal Bank of Canada (NYSE:RY), founded in 1864 and headquartered in Toronto, offers services such as loans, savings, credit cards, wealth planning, insurance, and financial advisory through segments including Personal and Commercial Banking, Wealth Management, Insurance, and Capital Markets.

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