CIBC Increases Royal Bank of Canada (TSE:RY) Price Target to C$167.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target boosted by CIBC from C$166.00 to C$167.00 in a research note published on Friday, BayStreet.CA reports.

RY has been the topic of several other reports. BMO Capital Markets boosted their price objective on Royal Bank of Canada from C$151.00 to C$165.00 and gave the company a strong-buy rating in a research report on Thursday, August 29th. Scotiabank lowered their price target on Royal Bank of Canada from C$157.00 to C$154.00 in a report on Monday, August 19th. Canaccord Genuity Group increased their price objective on shares of Royal Bank of Canada from C$159.50 to C$172.00 in a report on Thursday, August 29th. UBS Group set a C$165.00 target price on shares of Royal Bank of Canada and gave the stock a buy rating in a report on Tuesday, July 2nd. Finally, Cormark raised their target price on shares of Royal Bank of Canada from C$166.00 to C$171.00 in a research note on Thursday, August 29th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of C$161.57.

Royal Bank of Canada Stock Performance

The company has a market cap of C$236.97 billion, a P/E ratio of 14.72, a price-to-earnings-growth ratio of 10.64 and a beta of 0.84. Royal Bank of Canada has a 1 year low of C$107.92 and a 1 year high of C$166.96. The company’s 50-day simple moving average is C$153.30 and its two-hundred day simple moving average is C$143.92.

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 (EPS) for the quarter, beating the consensus estimate of C$2.95 by C$0.31. Royal Bank of Canada had a return on equity of 13.68% and a net margin of 28.67%. The business had revenue of C$14.63 billion during the quarter, compared to analyst estimates of C$14.27 billion.

Royal Bank of Canada Announces Dividend

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

Insider Activity

In other news, Senior Officer Bruce Washington Ross sold 12,170 shares of Royal Bank of Canada stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of C$141.46, for a total transaction of C$1,721,604.71. Following the completion of the sale, the insider now owns 235 shares of the company’s stock, valued at C$33,243.81. In related news, Senior Officer Douglas Antony Guzman sold 10,000 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$164.60, for a total transaction of C$1,646,000.00. Following the transaction, the insider now directly owns 25 shares of the company’s stock, valued at C$4,115. Also, Senior Officer Bruce Washington Ross sold 12,170 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of C$141.46, for a total transaction of C$1,721,604.71. Following the completion of the transaction, the insider now directly owns 235 shares of the company’s stock, valued at approximately C$33,243.81. Over the last ninety days, insiders sold 132,022 shares of company stock valued at $20,982,560.

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.