Canadian Imperial Bank of Commerce Forecasts Strong Price Appreciation for Royal Bank of Canada (TSE:RY) Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price hoisted by investment analysts at Canadian Imperial Bank of Commerce from C$242.00 to C$258.00 in a note issued to investors on Thursday,BayStreet.CA reports. The brokerage 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 2.18% from the company’s current price.

Several other research analysts have also recently weighed in on the stock. TD Securities dropped their price objective on shares of Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Jefferies Financial Group upped their target price on shares of Royal Bank of Canada from C$217.00 to C$220.00 in a research report on Wednesday, February 11th. Barclays upped their target price on shares of Royal Bank of Canada from C$244.00 to C$245.00 in a research report on Friday, February 27th. Raymond James Financial cut shares of Royal Bank of Canada from a “moderate buy” rating to a “hold” rating and upped their target price for the company from C$248.00 to C$265.50 in a research report on Tuesday. Finally, TD upped their target price on shares of Royal Bank of Canada from C$259.00 to C$267.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$251.12.

Royal Bank of Canada Price Performance

RY stock opened at C$252.50 on Thursday. The company has a 50 day moving average price of C$233.95 and a 200 day moving average price of C$228.21. Royal Bank of Canada has a fifty-two week low of C$171.29 and a fifty-two week high of C$252.50. The stock has a market capitalization of C$351.11 billion, a PE ratio of 17.34, a price-to-earnings-growth ratio of 3.42 and a beta of 1.14.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its quarterly earnings data on Thursday, February 26th. The financial services provider reported C$4.08 earnings per share for the quarter. Royal Bank of Canada had a net margin of 20.88% and a return on equity of 15.37%. The firm had revenue of C$17.96 billion during the quarter. As a group, equities analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director David Ian Mckay sold 23,089 shares of the business’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total value of C$5,606,470.98. Following the completion of the transaction, the director owned 5,873 shares of the company’s stock, valued at C$1,426,081.86. The trade was a 79.72% decrease in their position. Also, insider Jennifer Kristine Publicover sold 439 shares of the business’s stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total transaction of C$106,597.98. Following the completion of the transaction, the insider directly owned 152 shares of the company’s stock, valued at C$36,908.64. This trade represents a 74.28% decrease in their position. Insiders have sold 29,110 shares of company stock worth $7,068,490 over the last ninety days.

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.