Canadian Imperial Bank of Commerce Raises Royal Bank of Canada (TSE:RY) Price Target to C$279.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective hoisted by stock analysts at Canadian Imperial Bank of Commerce from C$258.00 to C$279.00 in a research note issued to investors on Friday,BayStreet.CA reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Canadian Imperial Bank of Commerce’s target price would suggest a potential upside of 7.56% from the stock’s previous close.

A number of other research firms have also recently weighed in on RY. Scotiabank increased their price objective on Royal Bank of Canada from C$247.00 to C$252.00 and gave the stock a “sector outperform” rating in a research report on Monday, May 4th. Desjardins increased their price objective on Royal Bank of Canada from C$262.00 to C$275.00 and gave the stock a “buy” rating in a research report on Friday. TD Securities decreased their price objective on Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating for the company in a research report on Friday, February 27th. National Bank Financial increased their price objective on Royal Bank of Canada from C$257.00 to C$271.00 and gave the stock an “outperform” rating in a research report on Friday, May 15th. Finally, Barclays increased their price objective on Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an “overweight” rating in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$258.50.

Royal Bank of Canada Stock Down 0.4%

TSE:RY traded down C$1.14 during mid-day trading on Friday, reaching C$259.40. 1,116,860 shares of the stock were exchanged, compared to its average volume of 3,728,900. The company has a 50 day simple moving average of C$240.41 and a 200-day simple moving average of C$231.76. The stock has a market capitalization of C$360.70 billion, a P/E ratio of 17.82, a P/E/G ratio of 3.42 and a beta of 1.14. Royal Bank of Canada has a 1 year low of C$171.29 and a 1 year high of C$265.10.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. The firm had revenue of C$17.45 billion for the quarter. Royal Bank of Canada had a return on equity of 15.37% and a net margin of 20.88%. As a group, research analysts predict that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Insider Buying and Selling at Royal Bank of Canada

In other news, insider Katherine Gibson sold 462 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of C$261.83, for a total transaction of C$120,965.46. Following the completion of the transaction, the insider directly owned 290 shares of the company’s stock, valued at approximately C$75,930.70. This represents a 61.44% decrease in their position. Also, insider Graeme Ashley Hepworth sold 1,463 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of C$242.82, for a total value of C$355,245.66. In the last quarter, insiders sold 58,220 shares of company stock worth $14,690,362.

Royal Bank of Canada Company Profile

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.