Royal Bank of Canada (TSE:RY) Raised to Outperform at CIBC

Royal Bank of Canada (TSE:RY) (NYSE:RY) was upgraded by stock analysts at CIBC from a “neutral” rating to an “outperform” rating in a research note issued to investors on Friday,BayStreet.CA reports. The firm presently has a C$168.00 target price on the financial services provider’s stock, up from their prior target price of C$167.00. CIBC’s target price suggests a potential upside of 6.45% from the stock’s previous close.

A number of other research analysts also recently commented on the company. Canaccord Genuity Group increased their target price on Royal Bank of Canada from C$188.00 to C$191.00 in a report on Thursday, December 5th. TD Securities reduced their price objective on Royal Bank of Canada from C$180.00 to C$178.00 and set a “hold” rating on the stock in a research note on Friday, February 28th. Jefferies Financial Group decreased their price objective on shares of Royal Bank of Canada from C$197.00 to C$192.00 in a report on Tuesday, February 18th. BMO Capital Markets dropped their target price on shares of Royal Bank of Canada from C$195.00 to C$193.00 in a report on Thursday, December 5th. Finally, UBS Group lifted their price target on shares of Royal Bank of Canada from C$192.00 to C$198.00 in a report on Friday, March 7th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, Royal Bank of Canada presently has a consensus rating of “Buy” and an average price target of C$181.75.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock opened at C$157.82 on Friday. The firm has a market cap of C$223.32 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a 1 year low of C$131.57 and a 1 year high of C$180.45. The firm’s 50-day simple moving average is C$167.08 and its 200-day simple moving average is C$170.45.

Insider Activity at Royal Bank of Canada

In other news, Director David Ian Mckay sold 20,304 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of C$169.67, for a total transaction of C$3,444,896.43. Also, Senior Officer Graeme Ashley Hepworth sold 308 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of C$175.12, for a total transaction of C$53,938.25. Insiders have sold a total of 61,836 shares of company stock worth $10,443,690 in the last ninety days.

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.