RBC Sponsors TIFF for 14th Consecutive Year

Royal Bank of Canada (RY), Canada’s second-largest bank, announced Monday that it will be the official sponsor of the Toronto International Film Festival (TIFF) for the 14th year in a row.

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The festival will run during September 9-18, 2021, and will feature virtual and in-person screenings and events. (See Royal Bank of Canada stock charts on TipRanks)

During the 46th TIFF, RBC will present a series of programs and experiences that promote women filmmakers, the arts, and small businesses.

The bank will work with TIFF to bring back fan-favorite programs, including RBC Lakeside Drive-In at Ontario Place and Best Seats in the House, while adding new features to existing programs, such as the Women in Film series.

Joana Vicente, TIFF executive director & co-head said, “We are so excited and grateful for our partnership with RBC this year. RBC was one of our first major supporters of Share Her Journey when we launched in 2017. Without the support of partners who shared our bold vision for change, the impact and results that this initiative has delivered for women creators simply wouldn’t have been possible. We look forward to deepening this work.”

On August 30, National Bank analyst Gabriel Dechaine kept a Buy rating on RY, with a C$144 price target. This implies 9.3% upside potential. Dechaine said, “(RBC) has released provisions at a relatively high rate.”

The rest of the Street is bullish on RY, with a Strong Buy consensus rating, based on seven Buys and two Holds. The average Royal Bank of Canada price target of C$143.56 implies 9% upside potential to current levels.

TipRanks’ Smart Score

RY scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform the overall market.