Royal Bank of Canada (TSE:RY) Given New C$279.00 Price Target at Canadian Imperial Bank of Commerce

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target boosted by Canadian Imperial Bank of Commerce from C$258.00 to C$279.00 in a research note released on Friday,BayStreet.CA reports. Canadian Imperial Bank of Commerce currently has a neutral rating on the financial services provider’s stock.

RY has been the topic of a number of other reports. Barclays increased their price objective on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the company an “overweight” rating in a research report on Friday. Desjardins upped 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. Canaccord Genuity Group increased their target price on shares of Royal Bank of Canada from C$270.00 to C$280.00 and gave the company a “buy” rating in a research report on Friday. TD raised their price target on Royal Bank of Canada from C$267.00 to C$272.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Raymond James Financial lifted their price objective on shares of Royal Bank of Canada from C$265.50 to C$270.50 and gave the company a “market perform” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$258.50.

Royal Bank of Canada Stock Performance

Shares of Royal Bank of Canada stock opened at C$264.44 on Friday. The business has a 50-day simple moving average of C$241.24 and a 200-day simple moving average of C$231.99. Royal Bank of Canada has a one year low of C$171.29 and a one year high of C$265.10. The company has a market cap of C$367.71 billion, a PE ratio of 18.16, a P/E/G ratio of 3.42 and a beta of 1.14.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share for the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. The firm had revenue of C$17.45 billion for the quarter. On average, sell-side analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Royal Bank of Canada Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Investors of record on Friday, May 22nd were issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Thursday, April 23rd. Royal Bank of Canada’s dividend payout ratio is currently 42.58%.

Insider Buying and Selling at Royal Bank of Canada

In related news, insider Bruce Washington Ross sold 3,657 shares of the firm’s 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 value of C$957,512.31. Following the completion of the transaction, the insider directly owned 235 shares of the company’s stock, valued at C$61,530.05. This trade represents a 93.96% decrease in their position. Also, insider Katherine Gibson sold 462 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of C$261.83, for a total value of C$120,965.46. Following the completion of the transaction, the insider owned 290 shares of the company’s stock, valued at approximately C$75,930.70. This represents a 61.44% decrease in their position. Over the last 90 days, insiders sold 58,220 shares of company stock worth $14,690,362.

Key Headlines Impacting Royal Bank of Canada

Here are the key news stories impacting Royal Bank of Canada this week:

• Positive Sentiment: Barclays raised its price target to C$260 and kept an overweight rating, signaling continued confidence in Royal Bank of Canada’s outlook. Barclays price target hike
• Positive Sentiment: Desjardins lifted its target to C$275 and reiterated a buy rating, implying more upside from current levels. Desjardins price target hike
• Positive Sentiment: Canaccord Genuity increased its target to C$280 and maintained a buy rating, reflecting a constructive view after the earnings release. Canaccord Genuity price target hike
• Positive Sentiment: TD raised its target to C$272 and kept a buy rating, adding to the broad analyst support. TD price target hike
• Neutral Sentiment: Raymond James boosted its target to C$270.50 but held a market perform rating, suggesting limited immediate upside despite better estimates. Raymond James price target hike
• Neutral Sentiment: CIBC raised its target to C$279 while keeping a neutral rating, indicating valuation may already reflect much of the near-term strength. CIBC price target hike

About Royal Bank of Canada

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.