Royal Bank of Canada (TSE:RY) Price Target Raised to C$242.00 at CIBC World Markets

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target hoisted by equities research analysts at CIBC World Markets from C$229.00 to C$242.00 in a report issued on Friday,BayStreet.CA reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. CIBC World Markets’ price objective indicates a potential upside of 5.05% from the company’s current price.

Several other research firms have also recently commented on RY. UBS Group lifted their price target on Royal Bank of Canada from C$225.00 to C$238.00 in a report on Tuesday, November 25th. Desjardins boosted their target price on shares of Royal Bank of Canada from C$240.00 to C$247.00 and gave the company a “buy” rating in a report on Monday. Natl Bk Canada raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 1st. Raymond James Financial lifted their price target on shares of Royal Bank of Canada from C$229.00 to C$239.00 and gave the company an “outperform” rating in a report on Thursday, December 4th. Finally, Jefferies Financial Group boosted their price objective on shares of Royal Bank of Canada from C$217.00 to C$220.00 in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of C$235.07.

Royal Bank of Canada Price Performance

RY stock traded down C$0.13 during midday trading on Friday, hitting C$230.36. The stock had a trading volume of 757,042 shares, compared to its average volume of 3,842,880. The company’s 50-day moving average price is C$232.22 and its 200 day moving average price is C$211.59. The firm has a market cap of C$322.55 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 3.42 and a beta of 1.28. Royal Bank of Canada has a 12-month low of C$151.25 and a 12-month high of C$240.34.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings results on Wednesday, December 3rd. The financial services provider reported C$3.85 earnings per share for the quarter. The company had revenue of C$17.21 billion for the quarter. Royal Bank of Canada had a return on equity of 13.27% and a net margin of 28.23%. As a group, sell-side analysts anticipate that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Insider Activity at Royal Bank of Canada

In other news, Director David Ian Mckay sold 91,288 shares of the company’s stock in a transaction dated Friday, December 12th. The stock was sold at an average price of C$228.75, for a total value of C$20,882,130.00. Following the completion of the sale, the director owned 5,873 shares of the company’s stock, valued at C$1,343,448.75. This represents a 93.96% decrease in their ownership of the stock.

About Royal Bank of Canada

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S. and other countries.