Royal Bank of Canada (TSE:RY) Price Target Raised to C$176.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price lifted by CIBC from C$167.00 to C$176.00 in a report issued on Tuesday,BayStreet.CA reports.

A number of other equities research analysts have also recently commented on RY. National Bankshares upped their target price on shares of Royal Bank of Canada from C$169.00 to C$181.00 in a report on Wednesday, November 20th. Bank of America increased their price objective on Royal Bank of Canada from C$162.00 to C$180.00 in a research report on Thursday, August 29th. TD Securities lowered Royal Bank of Canada from a “buy” rating to a “hold” rating and boosted their target price for the company from C$178.00 to C$180.00 in a report on Friday, November 15th. Jefferies Financial Group cut their price target on Royal Bank of Canada from C$168.00 to C$165.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Canaccord Genuity Group lifted 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. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of C$175.92.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at C$175.80 on Tuesday. The stock’s 50-day moving average is C$170.60 and its two-hundred day moving average is C$157.75. Royal Bank of Canada has a 1 year low of C$117.33 and a 1 year high of C$176.27. The firm has a market cap of C$247.88 billion, a price-to-earnings ratio of 15.57, a PEG ratio of 3.42 and a beta of 0.84.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$2.95 by C$0.31. The business had revenue of C$14.63 billion for the quarter, compared to analyst estimates of C$14.27 billion. Royal Bank of Canada had a net margin of 28.67% and a return on equity of 13.68%. As a group, research analysts predict that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Royal Bank of Canada Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Friday, November 22nd were paid a $1.42 dividend. This represents a $5.68 annualized dividend and a dividend yield of 3.23%. The ex-dividend date was Thursday, October 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is 50.31%.

Insiders Place Their Bets

In other news, Senior Officer Douglas Antony Guzman sold 15,000 shares of Royal Bank of Canada stock in a transaction on Friday, September 6th. The stock was sold at an average price of C$165.00, for a total transaction of C$2,475,000.00. Following the completion of the transaction, the insider now owns 25 shares of the company’s stock, valued at C$4,125. The trade was a 99.83 % decrease in their position. Also, Director David Ian Mckay sold 74,852 shares of the stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of C$164.59, for a total transaction of C$12,320,115.24. Over the last three months, insiders have sold 144,770 shares of company stock worth $23,959,265.

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.