Royal Bank of Canada (TSE:RY) Given New C$167.00 Price Target at CIBC

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

A number of other brokerages have also issued reports on RY. TD Securities lifted their target price on Royal Bank of Canada from C$171.00 to C$178.00 in a research report on Thursday, August 29th. Jefferies Financial Group reduced their target price 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. National Bankshares raised their price target on shares of Royal Bank of Canada from C$160.00 to C$169.00 in a research report on Thursday, August 29th. UBS Group set a C$165.00 price target on shares of Royal Bank of Canada and gave the company a buy rating in a report on Tuesday, July 2nd. Finally, BMO Capital Markets raised their price objective on shares of Royal Bank of Canada from C$151.00 to C$165.00 and gave the stock a strong-buy rating in a report on Thursday, August 29th. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Buy and an average price target of C$161.57.

Royal Bank of Canada Price Performance

TSE RY opened at C$164.08 on Friday. Royal Bank of Canada has a 1-year low of C$107.92 and a 1-year high of C$166.00. The firm has a market capitalization of C$232.99 billion, a P/E ratio of 14.53, a P/E/G ratio of 10.64 and a beta of 0.85. The business’s 50-day simple moving average is C$153.30 and its 200-day simple moving average is C$143.76.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$2.95 by C$0.31. 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 had a return on equity of 13.38% and a net margin of 28.37%. On average, equities research analysts expect that Royal Bank of Canada will post 12.8601286 EPS for the current fiscal year.

Royal Bank of Canada Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, October 24th will be paid a dividend of $1.42 per share. The ex-dividend date is Thursday, October 24th. This represents a $5.68 dividend on an annualized basis and a yield of 3.46%. Royal Bank of Canada’s payout ratio is currently 50.31%.

Insiders Place Their Bets

In other news, Senior Officer Douglas Antony Guzman sold 54,354 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of C$145.15, for a total transaction of C$7,889,646.16. Following the completion of the transaction, the insider now directly owns 25 shares in the company, valued at C$3,628.83. In other news, Senior Officer Douglas Antony Guzman sold 54,354 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of C$145.15, for a total transaction of C$7,889,646.16. Following the transaction, the insider now directly owns 25 shares of the company’s stock, valued at C$3,628.83. Also, Director David Ian Mckay sold 74,852 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of C$164.59, for a total transaction of C$12,320,115.24. Insiders have sold 186,376 shares of company stock valued at $28,872,206 over the last three months.

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.