CIBC Forecasts Strong Price Appreciation for Royal Bank of Canada (TSE:RY) Stock

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

Several other analysts have also recently issued reports on RY. Desjardins raised their target price on Royal Bank of Canada from C$156.00 to C$163.00 and gave the stock a “buy” rating in a research note on Tuesday, August 6th. Scotiabank lifted their price target on shares of Royal Bank of Canada from C$167.00 to C$197.00 in a report on Monday, November 25th. Barclays upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. Bank of America increased their price target on shares of Royal Bank of Canada from C$162.00 to C$180.00 in a research note on Thursday, August 29th. Finally, BMO Capital Markets raised their price objective on shares of Royal Bank of Canada from C$165.00 to C$195.00 in a research note on Monday, November 18th. Two research 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. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of C$175.92.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at C$176.16 on Tuesday. Royal Bank of Canada has a fifty-two week low of C$120.28 and a fifty-two week high of C$176.27. The company has a market capitalization of C$248.39 billion, a P/E ratio of 15.60, a PEG ratio of 3.42 and a beta of 0.84. The stock has a 50 day moving average price of C$170.78 and a two-hundred day moving average price of C$157.99.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share for the quarter, beating 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 business had revenue of C$14.63 billion during the quarter, compared to analysts’ expectations of C$14.27 billion. As a group, equities analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Friday, November 22nd were given a dividend of $1.42 per share. The ex-dividend date was Thursday, October 24th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.22%. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.31%.

Insider Buying and Selling

In related news, Director David Ian Mckay sold 74,852 shares of the business’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total value of C$12,320,115.24. Also, Senior Officer Douglas Antony Guzman sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was 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 directly owns 25 shares in the company, valued at approximately C$4,115. The trade was a 99.75 % decrease in their ownership of the stock. In the last three months, insiders have sold 144,770 shares of company stock worth $23,959,265.

Royal Bank of Canada Company Profile

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.