CIBC Has Lowered Expectations for Royal Bank of Canada (TSE:RY) Stock Price

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target reduced by CIBC from C$175.00 to C$167.00 in a research note released on Wednesday morning,BayStreet.CA reports.

A number of other research analysts have also recently commented on RY. 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. National Bankshares increased their price objective on shares of Royal Bank of Canada from C$181.00 to C$188.00 in a research note on Thursday, December 5th. UBS Group decreased their target price on shares of Royal Bank of Canada from C$200.00 to C$192.00 in a research note on Friday, February 14th. Barclays upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. Finally, Cormark cut their price objective on Royal Bank of Canada from C$194.00 to C$189.00 in a report on Friday, February 28th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of C$181.17.

Royal Bank of Canada Stock Up 1.6 %

Shares of RY stock opened at C$165.56 on Wednesday. The business has a fifty day simple moving average of C$171.99 and a 200 day simple moving average of C$170.04. The company has a market cap of C$234.27 billion, a P/E ratio of 14.43, a P/E/G ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a twelve month low of C$131.57 and a twelve month high of C$180.45.

Royal Bank of Canada Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be issued a dividend of $1.48 per share. This represents a $5.92 annualized dividend and a yield of 3.58%. Royal Bank of Canada’s payout ratio is presently 49.49%.

Insider Activity

In other Royal Bank of Canada news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the 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. Also, Director David Ian Mckay sold 20,304 shares of Royal Bank of Canada stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of C$175.12, for a total value of C$3,555,721.76. Over the last quarter, insiders sold 42,762 shares of company stock valued at $7,379,177.

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.