Royal Bank of Canada (TSE:RY) Stock Price Expected to Rise, CIBC Analyst Says

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective lifted by research analysts at CIBC from C$220.00 to C$229.00 in a research report issued to clients and investors on Thursday,BayStreet.CA reports. The firm presently has a “neutral” rating on the financial services provider’s stock. CIBC’s target price would indicate a potential upside of 0.31% from the stock’s current price.

RY has been the subject of several other reports. Canaccord Genuity Group increased their price objective on Royal Bank of Canada from C$201.00 to C$219.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. BMO Capital Markets upped their price target on Royal Bank of Canada from C$190.00 to C$203.00 and gave the stock an “outperform” rating in a research note on Thursday, August 28th. Barclays increased their price target on Royal Bank of Canada from C$221.00 to C$227.00 and gave the stock an “overweight” rating in a report on Thursday, December 4th. Jefferies Financial Group downgraded shares of Royal Bank of Canada from a “buy” rating to a “hold” rating and lifted their target price for the company from C$213.00 to C$215.00 in a report on Tuesday, November 25th. Finally, Desjardins raised their price objective on shares of Royal Bank of Canada from C$218.00 to C$230.00 and gave the company a “buy” rating in a research report on Thursday, December 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of C$224.92.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock opened at C$228.29 on Thursday. The company has a market capitalization of C$320.75 billion, a P/E ratio of 16.23, a PEG ratio of 3.42 and a beta of 1.29. Royal Bank of Canada has a fifty-two week low of C$151.25 and a fifty-two week high of C$230.99. The stock has a 50-day simple moving average of C$210.16 and a 200-day simple moving average of C$194.72.

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 (EPS) for the quarter. The business had revenue of C$17.21 billion for the quarter. Royal Bank of Canada had a net margin of 28.23% and a return on equity of 13.27%. As a group, analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

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.