Royal Bank of Canada (TSE:RY) Price Target Raised to C$176.00 at CIBC

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 released on Tuesday,BayStreet.CA reports.

RY has been the topic of several other research reports. Jefferies Financial Group lowered their target price on shares of Royal Bank of Canada from C$168.00 to C$165.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Bank of America raised their target price on shares of Royal Bank of Canada from C$162.00 to C$180.00 in a research note on Thursday, August 29th. BMO Capital Markets increased their price target on Royal Bank of Canada from C$165.00 to C$195.00 in a report on Monday, November 18th. Desjardins upped their target price on Royal Bank of Canada from C$156.00 to C$163.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Finally, National Bankshares lifted their price target on Royal Bank of Canada from C$169.00 to C$181.00 in a report on Wednesday, November 20th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of C$175.92.

Royal Bank of Canada Price Performance

Royal Bank of Canada stock opened at C$174.66 on Tuesday. Royal Bank of Canada has a 12 month low of C$115.57 and a 12 month high of C$175.59. The stock has a market capitalization of C$246.27 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. The business has a 50 day simple moving average of C$170.24 and a 200-day simple moving average of C$157.25.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly 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. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. The firm had revenue of C$14.63 billion during the quarter, compared to the consensus estimate of C$14.27 billion. On average, equities research analysts anticipate that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Royal Bank of Canada Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Friday, November 22nd were given a dividend of $1.42 per share. This represents a $5.68 dividend on an annualized basis 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 Transactions at Royal Bank of Canada

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

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.