CIBC Cuts Royal Bank of Canada (TSE:RY) Price Target to C$175.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price cut by CIBC from C$176.00 to C$175.00 in a research note published on Tuesday,BayStreet.CA reports.

A number of other research firms have also recently commented on RY. Jefferies Financial Group decreased their price target on Royal Bank of Canada from C$197.00 to C$192.00 in a research note on Tuesday. National Bankshares increased their price objective on shares of Royal Bank of Canada from C$181.00 to C$188.00 in a research report on Thursday, December 5th. Canaccord Genuity Group lifted their target price on shares of Royal Bank of Canada from C$188.00 to C$191.00 in a research note on Thursday, December 5th. Scotiabank upped their price target on shares of Royal Bank of Canada from C$167.00 to C$197.00 in a research note on Monday, November 25th. Finally, Barclays upgraded shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada has an average rating of “Buy” and a consensus target price of C$180.50.

Royal Bank of Canada Trading Down 1.2 %

TSE RY opened at C$169.40 on Tuesday. The firm’s fifty day simple moving average is C$173.09 and its two-hundred day simple moving average is C$168.83. The firm has a market capitalization of C$239.70 billion, a P/E ratio of 14.76, a P/E/G ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a 12-month low of C$130.44 and a 12-month high of C$180.45.

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, February 24th will be given a dividend of $1.48 per share. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.42. This represents a $5.92 annualized dividend and a yield of 3.49%. The ex-dividend date is Monday, January 27th. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 49.49%.

Insider Buying and Selling at Royal Bank of Canada

In other Royal Bank of Canada news, Director David Ian Mckay sold 20,304 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of C$175.12, for a total value of C$3,555,721.76. Also, Senior Officer Douglas Antony Guzman sold 1,538 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of C$177.09, for a total value of C$272,363.80. Following the sale, the insider now owns 25 shares in the company, valued at C$4,427.24. This trade represents a 98.40 % decrease in their ownership of the stock. In the last quarter, insiders sold 22,150 shares of company stock worth $3,882,024.

About Royal Bank of Canada

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.