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

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective hoisted by equities research analysts at CIBC World Markets from C$229.00 to C$242.00 in a note issued to investors on Friday,BayStreet.CA reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. CIBC World Markets’ target price points to a potential upside of 5.05% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. Raymond James Financial lifted their target price on Royal Bank of Canada from C$229.00 to C$239.00 and gave the company an “outperform” rating in a research note on Thursday, December 4th. Barclays boosted their price objective on shares of Royal Bank of Canada from C$221.00 to C$227.00 and gave the company an “overweight” rating in a research note on Thursday, December 4th. UBS Group raised their target price on shares of Royal Bank of Canada from C$225.00 to C$238.00 in a research note on Tuesday, November 25th. TD Securities lifted their target price on shares of Royal Bank of Canada from C$246.00 to C$260.00 in a report on Monday. Finally, Jefferies Financial Group increased their price target on shares of Royal Bank of Canada from C$217.00 to C$220.00 in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of C$235.07.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock traded down C$0.13 during midday trading on Friday, hitting C$230.36. 757,042 shares of the company’s stock were exchanged, compared to its average volume of 3,842,880. The stock has a market cap of C$322.55 billion, a price-to-earnings ratio of 16.37, a price-to-earnings-growth ratio of 3.42 and a beta of 1.28. Royal Bank of Canada has a 12-month low of C$151.25 and a 12-month high of C$240.34. The firm’s 50 day simple moving average is C$232.22 and its 200 day simple moving average is C$211.59.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its earnings results on Wednesday, December 3rd. The financial services provider reported C$3.85 earnings per share for the quarter. The business had revenue of C$17.21 billion during the quarter. Royal Bank of Canada had a net margin of 28.23% and a return on equity of 13.27%. On average, equities research analysts forecast that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Insider Buying and Selling at Royal Bank of Canada

In other news, Director David Ian Mckay sold 91,288 shares of Royal Bank of Canada stock in a transaction on Friday, December 12th. The stock was sold at an average price of C$228.75, for a total transaction of C$20,882,130.00. Following the completion of the transaction, the director owned 5,873 shares of the company’s stock, valued at C$1,343,448.75. The trade was a 93.96% decrease in their position.

Royal Bank of Canada Company Profile

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S. and other countries.