Royal Bank of Canada (TSX: RY) (NYSE: RY) announced Thursday it will give an additional C$750,000 to support humanitarian relief efforts in Ukraine and alleviate the Ukrainian refugee crisis. It had already pledged C$250,000.
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RBC’s support includes donations to the Canadian Red Cross Ukraine Humanitarian Crisis Appeal, International Committee of the Red Cross, Medical Corps Save the Children, Mental Health Foundation, UNICEF and the United Nations Refugee Agency.
People who wish to support the current relief efforts are invited to make a donation to the Canadian Red Cross. This can be done online, by phone or by visiting an RBC branch in Canada.
CEO Commentary
RBC president and CEO Dave McKay said, “Recognizing the scale of devastation, and the growing needs of Ukrainian refugees, RBC is expanding our financial support to C$1 million to support humanitarian relief efforts. This crisis weighs heavily on the hearts and minds of everyone at RBC and our global community has been rocked by the devastation that has affected so many innocent lives. At the same time, we’ve been overwhelmingly inspired by the bravery and fierce resilience of the Ukrainian people and remain united in our support for their freedom, for democracy, and in our hopes for peace.”
Wall Street’s Take
On March 9, CIBC analyst Paul Holden kept a Hold rating on RY, with a price target of C$151. This implies 9.2% upside potential.
The rest of the Street is cautiously optimistic on RY with a Moderate Buy consensus rating based on four Buys and four Holds. The average Royal Bank of Canada price target of C$152.37 implies 10.2% upside potential to current levels.
TipRanks’ Smart Score
RY scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns are likely to beat the overall market.
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