Royal Bank of Canada (TSE:RY) Given New C$300.00 Price Target at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce cut Royal Bank of Canada's price target to C$300 from C$311 while maintaining a “neutral” rating, implying 2.78% upside from the prior close.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of C$292.86; recent targets range from C$280 to C$324.
• Royal Bank of Canada shares rose 1.4% to C$291.88, while the bank reported C$4.28 in quarterly earnings per share and C$18.54 billion in revenue. Insiders sold 352,767 shares worth approximately $100.6 million during the last quarter.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its target price reduced by investment analysts at Canadian Imperial Bank of Commerce from C$311.00 to C$300.00 in a research note issued to investors on Thursday, BayStreet reports. The firm presently has a "neutral" rating on the financial services provider's stock. Canadian Imperial Bank of Commerce's target price indicates a potential upside of 2.78% from the company's previous close.

A number of other research firms have also weighed in on RY. Barclays increased their price objective on Royal Bank of Canada from C$260.00 to C$300.00 in a research note on Friday, August 21st. Keefe, Bruyette & Woods upped their price target on shares of Royal Bank of Canada from C$316.00 to C$324.00 in a report on Monday. Desjardins set a C$320.00 price target on shares of Royal Bank of Canada and gave the company a "buy" rating in a research report on Wednesday. National Bank Financial raised their price target on shares of Royal Bank of Canada from C$318.00 to C$321.00 and gave the stock an "outperform" rating in a report on Sunday. Finally, Scotiabank boosted their price objective on shares of Royal Bank of Canada from C$275.00 to C$280.00 and gave the company a "sector outperform" rating in a research report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of C$292.86.

Royal Bank of Canada Trading Up 1.4%

Shares of Royal Bank of Canada stock traded up C$3.99 on Thursday, hitting C$291.88. 929,537 shares of the company traded hands, compared to its average volume of 3,519,181. The firm's 50-day simple moving average is C$293.31 and its 200 day simple moving average is C$261.95. The company has a market cap of C$404.09 billion, a P/E ratio of 18.40, a P/E/G ratio of 3.42 and a beta of 1.05. Royal Bank of Canada has a 12-month low of C$199.17 and a 12-month high of C$306.38.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last released its earnings results on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share for the quarter. The company had revenue of C$18.54 billion during the quarter. Royal Bank of Canada had a return on equity of 16.11% and a net margin of 15.92%. Analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Insider Transactions at Royal Bank of Canada

In other Royal Bank of Canada news, insider Neil Mclaughlin sold 4,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of C$287.72, for a total transaction of C$1,150,880.00. Also, Director David Ian Mckay sold 133,130 shares of Royal Bank of Canada stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of C$287.21, for a total value of C$38,236,267.30. Following the transaction, the director owned 5,873 shares of the company's stock, valued at C$1,686,784.33. The trade was a 95.77% decrease in their position. In the last quarter, insiders sold 352,767 shares of company stock valued at $100,643,023.

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.

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