Royal Bank of Canada (TSE:RY) Upgraded at Cibc World Mkts

Cibc World Mkts upgraded shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) from a hold rating to a strong-buy rating in a research note published on Thursday morning,Zacks.com reports.

Several other research firms have also commented on RY. National Bankshares increased their price objective on shares of Royal Bank of Canada from C$181.00 to C$188.00 in a research report on Thursday, December 5th. CIBC raised shares of Royal Bank of Canada from a “neutral” rating to an “outperform” rating and increased their price target for the company from C$167.00 to C$168.00 in a report on Friday. TD Securities dropped their price target 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. Canaccord Genuity Group raised their price objective on Royal Bank of Canada from C$188.00 to C$191.00 in a research note on Thursday, December 5th. Finally, Cormark dropped their target price on Royal Bank of Canada from C$194.00 to C$189.00 in a report on Friday, February 28th. One research analyst has rated the stock with a hold rating, six have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of C$181.75.

Royal Bank of Canada Price Performance

TSE RY opened at C$157.82 on Thursday. Royal Bank of Canada has a 1-year low of C$131.57 and a 1-year high of C$180.45. The business has a 50 day simple moving average of C$167.08 and a two-hundred day simple moving average of C$170.45. The stock has a market capitalization of C$223.32 billion, a PE ratio of 13.75, a P/E/G ratio of 3.42 and a beta of 0.84.

Royal Bank of Canada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Stockholders of record on Friday, May 23rd will be paid a dividend of $1.48 per share. This represents a $5.92 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date is Thursday, April 24th. Royal Bank of Canada’s dividend payout ratio is currently 49.49%.

Insider Buying and Selling

In other news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of C$161.89, for a total transaction of C$49,862.12. Also, Director David Ian Mckay sold 20,304 shares of Royal Bank of Canada stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of C$161.89, for a total transaction of C$3,287,014.56. Insiders have sold 61,836 shares of company stock valued at $10,443,690 in the last 90 days.

About Royal Bank of Canada

Royal Bank of Canada operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers checking and savings accounts, home equity financing, personal lending, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, and payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, trade products, and services to small and medium-sized commercial businesses.