CIBC Forecasts Strong Price Appreciation for Royal Bank of Canada (TSE:RY) Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective raised by investment analysts at CIBC from C$167.00 to C$176.00 in a report released on Tuesday,BayStreet.CA reports. CIBC’s target price indicates a potential upside of 0.13% from the stock’s previous close.

A number of other brokerages also recently issued reports on RY. Jefferies Financial Group decreased 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 report on Monday, August 12th. TD Securities cut Royal Bank of Canada from a “buy” rating to a “hold” rating and boosted their target price for the stock from C$178.00 to C$180.00 in a research note on Friday, November 15th. National Bankshares upped their price target on Royal Bank of Canada from C$169.00 to C$181.00 in a report on Wednesday, November 20th. BMO Capital Markets raised their price objective on shares of Royal Bank of Canada from C$165.00 to C$195.00 in a report on Monday, November 18th. Finally, Desjardins upped their target price on shares of Royal Bank of Canada from C$156.00 to C$163.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of C$175.92.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock opened at C$175.77 on Tuesday. The business has a 50-day simple moving average of C$170.42 and a 200-day simple moving average of C$157.50. Royal Bank of Canada has a one year low of C$115.57 and a one year high of C$175.77. The company has a market cap of C$247.84 billion, a PE ratio of 15.57, a P/E/G ratio of 3.42 and a beta of 0.84.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its quarterly earnings results on Wednesday, August 28th. The financial services provider reported C$3.26 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of C$14.27 billion. On average, sell-side analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insider Buying and Selling at Royal Bank of Canada

In other news, Senior Officer Douglas Antony Guzman sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of C$164.60, for a total transaction of C$1,646,000.00. Following the completion of the sale, the insider now owns 25 shares in the company, valued at C$4,115. This represents a 99.75 % decrease in their ownership of the stock. Also, Director David Ian Mckay sold 74,852 shares of Royal Bank of Canada stock in a transaction on 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.

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.