Royal Bank of Canada (TSE:RY) Given New C$311.00 Price Target at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce raised Royal Bank of Canada’s price target to C$311 from C$279 while maintaining a “neutral” rating, implying 8.31% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of C$280.69; several firms recently increased their targets to between C$306 and C$320.
• Royal Bank of Canada shares fell 3.1% to C$287.13 during Wednesday trading. Insiders sold roughly 353,206 shares worth about C$100.2 million over the past 90 days.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY had its price target hoisted by stock analysts at Canadian Imperial Bank of Commerce from C$279.00 to C$311.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The firm currently has a "neutral" rating on the financial services provider's stock. Canadian Imperial Bank of Commerce's target price indicates a potential upside of 8.31% from the company's previous close.

Several other equities analysts have also weighed in on the company. Canaccord Genuity Group increased their price objective on Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Desjardins upped their price target on Royal Bank of Canada from C$275.00 to C$320.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Scotiabank increased their price target on Royal Bank of Canada from C$275.00 to C$280.00 and gave the stock a "sector outperform" rating in a research note on Tuesday, June 16th. Raymond James Financial lifted their price objective on Royal Bank of Canada from C$270.50 to C$306.00 and gave the stock a "market perform" rating in a report on Wednesday, August 12th. Finally, Jefferies Financial Group boosted their price objective on Royal Bank of Canada from C$240.00 to C$268.00 in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of C$280.69.

Royal Bank of Canada Stock Down 3.1%

RY traded down C$9.13 during trading on Wednesday, hitting C$287.13. 1,078,756 shares of the company traded hands, compared to its average volume of 3,545,395. Royal Bank of Canada has a one year low of C$188.54 and a one year high of C$306.38. The stock's fifty day moving average is C$292.83 and its 200 day moving average is C$257.87. The firm has a market cap of C$399.01 billion, a P/E ratio of 18.67, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last released 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, equities research analysts forecast that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Insider Activity at Royal Bank of Canada

In related news, Director David Ian Mckay sold 23,089 shares of the business's stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of C$297.19, for a total transaction of C$6,861,819.91. Following the sale, the director directly owned 5,873 shares in the company, valued at approximately C$1,745,396.87. The trade was a 79.72% decrease in their position. Also, insider Katherine Gibson sold 462 shares of the stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of C$297.19, for a total value of C$137,301.78. Following the sale, the insider directly owned 290 shares in the company, valued at C$86,185.10. This trade represents a 61.44% decrease in their position. Insiders sold a total of 353,206 shares of company stock worth $100,237,874 in the last 90 days.

Royal Bank of Canada Company Profile

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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