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

Royal Bank of Canada (TSE:RY - Free Report) NYSE: RY had its target price upped by CIBC from C$182.00 to C$183.00 in a research note released on Thursday morning,BayStreet.CA reports. CIBC currently has an outperform rating on the financial services provider's stock.

A number of other analysts have also recently issued reports on the company. Cormark cut their price objective on Royal Bank of Canada from C$194.00 to C$189.00 in a research report on Friday, February 28th. Cibc World Mkts raised Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 3rd. National Bank Financial cut Royal Bank of Canada from an "outperform" rating to a "sector perform" rating in a research report on Thursday, May 29th. TD Securities cut their price objective on Royal Bank of Canada from C$180.00 to C$178.00 and set a "hold" rating for the company in a research report on Friday, February 28th. Finally, Scotiabank raised Royal Bank of Canada to a "strong-buy" rating in a research report on Thursday, May 15th. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and five have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of C$181.08.

Royal Bank of Canada Price Performance

RY stock traded up C$1.09 during mid-day trading on Thursday, reaching C$174.57. The company had a trading volume of 2,508,466 shares, compared to its average volume of 4,782,021. The stock has a 50 day simple moving average of C$166.70 and a two-hundred day simple moving average of C$169.60. The company has a market capitalization of C$247.02 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a 52 week low of C$140.53 and a 52 week high of C$180.45.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 22nd. Stockholders of record on Thursday, July 24th will be paid a dividend of $1.54 per share. This represents a $6.16 dividend on an annualized basis and a dividend yield of 3.53%. This is a positive change from Royal Bank of Canada's previous quarterly dividend of $1.48. Royal Bank of Canada's dividend payout ratio (DPR) is 49.49%.

Insider Transactions at Royal Bank of Canada

In other Royal Bank of Canada news, Director David Ian Mckay sold 20,304 shares of the firm's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of C$160.27, for a total transaction of C$3,254,042.89. Also, Senior Officer Jennifer Kristine Publicover sold 401 shares of the firm's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of C$160.27, for a total value of C$64,266.71. Following the transaction, the insider now owns 152 shares in the company, valued at approximately C$24,360.45. This trade represents a 72.51% decrease in their position. Over the last quarter, insiders have sold 62,330 shares of company stock worth $10,312,755.

About Royal Bank of Canada

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.