Royal Bank of Canada (TSX: RY) (NYSE: RY) launched Monday Split With Friends, a new feature that allows RBC clients to simplify and easily manage their group spending.
Making it Easier to Split the Tab
RBC clients can choose to enter specific amounts or split the amount equally between contacts.
The pandemic has changed the way Canadians transfer money, and more and more of them are choosing to manage their finances on their mobile device.
Management Commentary
“Over the last two years, we’ve seen rapid growth in clients sending and requesting money through our RBC Mobile App,” said Peter Tilton, Senior Vice-President, Digital, RBC.
“The addition of Split with Friends to our growing list of mobile payment solutions is an exciting one as it provides our clients with a fast, convenient and secure way to manage group expenses, alleviating a common point of friction.”
Wall Street’s Take
On February 24, John Aiken from Barclays kept a Buy rating on RY, with a price target of C$156. This implies 14.1% 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$152.50 implies 11.4% upside potential to current levels.
TipRanks’ Smart Score
RY scores a “Perfect 10″ on TipRanks’ Smart Score rating system, indicating that the stock returns are very likely to beat the overall market.
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