real-time news and commentary for investors
Friday, Aug 30
RBC price target hiked; bank announces executive retirements
- Desjardins reiterates its Buy rating on RBC (RY) and hikes the price target to C$75 (15% higher than last night's close) from C$71.50 following yesterday's earnings report.
- The bank announces the retirement of Morten Friis as Chief Risk Officer effective Jan. 10, to be replaced by current COO Mark Hughes. Chairman David O'Brien announces his retirement effective at year's end, to be replaced by Kathleen Taylor who has been an independent director since 2001.
- In addition to the 6.3% dividend increase, management (CC transcript) said another 4.7M shares were repurchased for $280M during Q3.