Canadian Imperial Bank of Commerce Raises Royal Bank of Canada (TSE:RY) Price Target to C$279.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target hoisted by stock analysts at Canadian Imperial Bank of Commerce from C$258.00 to C$279.00 in a research note issued on Friday,BayStreet.CA reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Canadian Imperial Bank of Commerce’s target price suggests a potential upside of 7.56% from the company’s previous close.

Several other research firms also recently weighed in on RY. Jefferies Financial Group raised their price objective on Royal Bank of Canada from C$226.00 to C$232.00 in a research note on Wednesday, May 20th. Raymond James Financial raised their price target on Royal Bank of Canada from C$265.50 to C$270.50 and gave the stock a “market perform” rating in a research report on Friday. Barclays boosted their price target on Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an “overweight” rating in a report on Friday. Desjardins boosted their price target on Royal Bank of Canada from C$262.00 to C$275.00 and gave the stock a “buy” rating in a report on Friday. Finally, Scotiabank boosted their price target on Royal Bank of Canada from C$247.00 to C$252.00 and gave the stock a “sector outperform” rating in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and an average price target of C$258.50.

Royal Bank of Canada Stock Down 0.4%

TSE RY traded down C$1.14 during mid-day trading on Friday, hitting C$259.40. The stock had a trading volume of 1,116,860 shares, compared to its average volume of 3,728,900. Royal Bank of Canada has a 52-week low of C$171.29 and a 52-week high of C$265.10. The company has a market cap of C$360.70 billion, a price-to-earnings ratio of 17.82, a P/E/G ratio of 3.42 and a beta of 1.14. The company has a 50 day simple moving average of C$240.41 and a 200 day simple moving average of C$231.76.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share for the quarter. Royal Bank of Canada had a return on equity of 15.37% and a net margin of 20.88%.The firm had revenue of C$17.45 billion during the quarter. As a group, equities analysts anticipate that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Graeme Ashley Hepworth sold 1,463 shares of Royal Bank of Canada stock in a transaction on Friday, May 22nd. The stock was sold at an average price of C$261.83, for a total value of C$383,057.29. Also, insider Bruce Washington Ross sold 3,657 shares of Royal Bank of Canada stock in a transaction on Friday, May 22nd. The shares were sold at an average price of C$261.83, for a total value of C$957,512.31. Following the completion of the sale, the insider directly owned 235 shares of the company’s stock, valued at approximately C$61,530.05. This represents a 93.96% decrease in their position. Over the last 90 days, insiders have sold 58,220 shares of company stock valued at $14,690,362.

About Royal Bank of Canada

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.