CIBC Issues Positive Forecast for Royal Bank of Canada (TSE:RY) Stock Price

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective increased by equities research analysts at CIBC from C$167.00 to C$176.00 in a research note issued to investors on Tuesday,BayStreet.CA reports. CIBC’s price target points to a potential upside of 1.08% from the company’s previous close.

Several other research analysts also recently commented on RY. BMO Capital Markets boosted their price objective on shares of Royal Bank of Canada from C$165.00 to C$195.00 in a research report on Monday, November 18th. Canaccord Genuity Group boosted their price objective on shares of Royal Bank of Canada from C$172.00 to C$188.00 in a research report on Tuesday, November 19th. Barclays raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. Cormark boosted 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. Finally, Desjardins boosted 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. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Royal Bank of Canada has an average rating of “Buy” and a consensus price target of C$175.92.

Royal Bank of Canada Stock Performance

Shares of TSE RY traded up C$0.35 during midday trading on Tuesday, reaching C$174.12. The company’s stock had a trading volume of 560,262 shares, compared to its average volume of 4,843,919. Royal Bank of Canada has a fifty-two week low of C$115.57 and a fifty-two week high of C$175.59. The business’s 50 day moving average price is C$170.11 and its two-hundred day moving average price is C$156.99. The company has a market cap of C$245.51 billion, a P/E ratio of 15.39, a P/E/G ratio of 3.42 and a beta of 0.84.

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 for the quarter, beating analysts’ consensus estimates 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 company had revenue of C$14.63 billion during the quarter, compared to the consensus estimate of C$14.27 billion. Sell-side analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Royal Bank of Canada news, Director David Ian Mckay sold 74,852 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were 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 7,500 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of C$166.96, for a total transaction of C$1,252,207.50. Following the completion of the sale, the insider now directly owns 25 shares of the company’s stock, valued at C$4,174.03. The trade was a 99.67 % decrease in their ownership of the stock. Insiders have sold 144,770 shares of company stock worth $23,959,265 in the last quarter.

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.