Canadian Imperial Bank of Commerce Issues Positive Forecast for Royal Bank of Canada (TSE:RY) Stock Price

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective hoisted by equities researchers at Canadian Imperial Bank of Commerce from C$242.00 to C$258.00 in a research note issued on Thursday,BayStreet.CA reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Canadian Imperial Bank of Commerce’s price target indicates a potential upside of 2.79% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Raymond James Financial lowered shares of Royal Bank of Canada from a “moderate buy” rating to a “hold” rating and raised their price target for the stock from C$248.00 to C$265.50 in a research report on Tuesday. Scotiabank raised their price target on shares of Royal Bank of Canada from C$247.00 to C$252.00 and gave the stock a “sector outperform” rating in a research report on Monday, May 4th. National Bank Financial raised their price target on shares of Royal Bank of Canada from C$241.00 to C$247.00 and gave the stock an “outperform” rating in a research report on Friday, February 27th. TD raised their price target on shares of Royal Bank of Canada from C$259.00 to C$267.00 and gave the stock a “buy” rating in a research report on Tuesday, May 5th. Finally, Canaccord Genuity Group raised their price target on shares of Royal Bank of Canada from C$242.00 to C$255.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of C$249.27.

Royal Bank of Canada Stock Up 1.7%

Shares of RY traded up C$4.17 during trading hours on Thursday, reaching C$251.00. 1,081,132 shares of the company traded hands, compared to its average volume of 3,758,850. The stock has a market capitalization of C$349.02 billion, a P/E ratio of 17.24, a P/E/G ratio of 3.42 and a beta of 1.14. Royal Bank of Canada has a 12-month low of C$171.29 and a 12-month high of C$251.28. The business has a fifty day moving average price of C$232.92 and a 200-day moving average price of C$227.71.

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

Insider Activity

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

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.