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

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price lowered 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 price objective suggests a potential upside of 2.78% from the company’s previous close.

A number of other brokerages have also weighed in on RY. Scotiabank boosted their target price on Royal Bank of Canada from C$275.00 to C$280.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, June 16th. Raymond James Financial raised their price target on shares of Royal Bank of Canada from C$270.50 to C$306.00 and gave the company a “market perform” rating in a report on Wednesday, August 12th. Keefe, Bruyette & Woods lifted their price target on shares of Royal Bank of Canada from C$316.00 to C$324.00 in a research note on Monday. Jefferies Financial Group boosted their price objective on shares of Royal Bank of Canada from C$268.00 to C$271.00 in a report on Thursday. Finally, Barclays boosted their price objective on shares of Royal Bank of Canada from C$260.00 to C$300.00 in a report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of C$292.86.

Royal Bank of Canada Stock Up 1.4%

Shares of Royal Bank of Canada stock traded up C$3.99 on Thursday, reaching C$291.88. The company’s stock had a trading volume of 929,537 shares, compared to its average volume of 3,519,181. The company has a market capitalization of C$404.09 billion, a price-to-earnings ratio of 18.40, a P/E/G ratio of 3.42 and a beta of 1.05. The firm’s fifty day simple moving average is C$293.31 and its two-hundred day simple moving average is C$261.95. Royal Bank of Canada has a 52 week low of C$199.17 and a 52 week high of C$306.38.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share (EPS) for the quarter. The firm had revenue of C$18.54 billion for the quarter. Royal Bank of Canada had a return on equity of 16.11% and a net margin of 15.92%. As a group, research analysts predict that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Insider Buying and Selling at Royal Bank of Canada

In other Royal Bank of Canada news, insider Neil Mclaughlin sold 4,000 shares of the business’s stock in a transaction dated Wednesday, June 24th. The stock was 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 the business’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of C$287.21, for a total transaction of C$38,236,267.30. Following the sale, the director owned 5,873 shares of the company’s stock, valued at C$1,686,784.33. This trade represents a 95.77% decrease in their ownership of the stock. Over the last 90 days, insiders have 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.