Royal Bank of Canada (TSE:RY) Price Target Raised to C$155.00 at CIBC

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective upped by CIBC from C$150.00 to C$155.00 in a research note published on Tuesday morning, BayStreet.CA reports. CIBC currently has a neutral rating on the financial services provider’s stock.

A number of other brokerages have also recently weighed in on RY. Argus upgraded shares of Royal Bank of Canada to a strong-buy rating in a report on Thursday, June 6th. BMO Capital Markets cut shares of Royal Bank of Canada from a strong-buy rating to a hold rating in a report on Friday, May 31st. TD Securities raised their target price on shares of Royal Bank of Canada from C$160.00 to C$171.00 in a report on Thursday, August 8th. Desjardins raised their price objective on shares of 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. Finally, UBS Group set a C$165.00 price objective on shares of Royal Bank of Canada and gave the stock a buy rating in a research note on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of C$148.29.

Royal Bank of Canada Price Performance

TSE RY opened at C$156.09 on Tuesday. Royal Bank of Canada has a 12 month low of C$107.92 and a 12 month high of C$157.40. The firm has a market capitalization of C$221.65 billion, a PE ratio of 14.29, a P/E/G ratio of 10.64 and a beta of 0.85. The company’s 50 day simple moving average is C$149.69 and its 200 day simple moving average is C$141.63.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its earnings results on Thursday, May 30th. The financial services provider reported C$2.92 earnings per share for the quarter, topping analysts’ consensus estimates of C$2.77 by C$0.15. The firm had revenue of C$14.15 billion during the quarter, compared to analysts’ expectations of C$13.58 billion. Royal Bank of Canada had a net margin of 28.37% and a return on equity of 13.38%. Sell-side analysts anticipate that Royal Bank of Canada will post 12.588332 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Thursday, July 25th were issued a dividend of $1.42 per share. The ex-dividend date of this dividend was Thursday, July 25th. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.64%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.38. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 52.01%.

Insider Activity

In other news, Senior Officer Bruce Washington Ross sold 20,000 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of C$140.99, for a total transaction of C$2,819,840.00. Following the transaction, the insider now owns 235 shares in the company, valued at approximately C$33,133.12. In related news, Senior Officer Bruce Washington Ross sold 20,000 shares of Royal Bank of Canada stock in a transaction on Friday, June 21st. The shares were sold at an average price of C$140.99, for a total value of C$2,819,840.00. Following the transaction, the insider now owns 235 shares in the company, valued at approximately C$33,133.12. Also, Senior Officer Douglas Antony Guzman sold 54,354 shares of Royal Bank of Canada stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of C$145.15, for a total transaction of C$7,889,646.16. Following the completion of the transaction, the insider now owns 25 shares in the company, valued at approximately C$3,628.83. In the last 90 days, insiders have sold 101,302 shares of company stock worth $14,592,565.

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.