CIBC Issues Positive Forecast for Royal Bank of Canada (TSE:RY) Stock Price

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price increased by CIBC from C$167.00 to C$176.00 in a research note issued to investors on Tuesday morning,BayStreet.CA reports.

Several other analysts also recently weighed in on the stock. Canaccord Genuity Group boosted their price objective on shares of Royal Bank of Canada from C$172.00 to C$188.00 in a research report on Tuesday, November 19th. Desjardins boosted their price target on shares of Royal Bank of Canada from C$156.00 to C$163.00 and gave the company a “buy” rating in a research report on Tuesday, August 6th. Scotiabank raised their price objective on Royal Bank of Canada from C$167.00 to C$197.00 in a report on Monday. National Bankshares boosted their target price on Royal Bank of Canada from C$169.00 to C$181.00 in a report on Wednesday, November 20th. Finally, BMO Capital Markets upped their target price on Royal Bank of Canada from C$165.00 to C$195.00 in a research report on Monday, November 18th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of C$175.92.

Royal Bank of Canada Price Performance

Shares of TSE RY opened at C$174.66 on Tuesday. The business has a 50-day moving average of C$170.24 and a two-hundred day moving average of C$157.25. The company has a market capitalization of C$246.27 billion, a price-to-earnings ratio of 15.47, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a 1 year low of C$115.57 and a 1 year high of C$175.59.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share for the quarter, topping the consensus estimate of C$2.95 by C$0.31. The business had revenue of C$14.63 billion for the quarter, compared to analyst estimates of C$14.27 billion. Royal Bank of Canada had a return on equity of 13.68% and a net margin of 28.67%. As a group, equities research analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, November 22nd were issued a dividend of $1.42 per share. This represents a $5.68 annualized dividend and a dividend yield of 3.25%. The ex-dividend date was Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio is presently 50.31%.

Insider Activity at Royal Bank of Canada

In related news, Director David Ian Mckay sold 74,852 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total transaction of C$12,320,115.24. Also, Senior Officer Douglas Antony Guzman sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of C$164.60, for a total value of C$1,646,000.00. Following the completion of the sale, the insider now directly owns 25 shares of the company’s stock, valued at approximately C$4,115. This trade represents a 99.75 % decrease in their position. Insiders have sold a total of 144,770 shares of company stock worth $23,959,265 in the last three months.

About Royal Bank of Canada

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.