Royal Bank of Canada (TSE:RY) Rating Lowered to Neutral at CIBC

Royal Bank of Canada (TSE:RY) (NYSE:RY) was downgraded by CIBC from an “outperform” rating to a “neutral” rating in a research note issued to investors on Friday,BayStreet.CA reports. They currently have a C$208.00 price target on the financial services provider’s stock. CIBC’s price target indicates a potential upside of 3.89% from the stock’s previous close.

A number of other equities analysts also recently commented on the company. Canaccord Genuity Group lifted their price objective on Royal Bank of Canada from C$201.00 to C$219.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Scotiabank lifted their price objective on Royal Bank of Canada from C$186.00 to C$210.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Desjardins lifted their price objective on Royal Bank of Canada from C$193.00 to C$214.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. BMO Capital Markets lifted their price objective on Royal Bank of Canada from C$190.00 to C$203.00 and gave the stock an “outperform” rating in a research report on Thursday, August 28th. Finally, Barclays lifted their price objective on Royal Bank of Canada from C$190.00 to C$203.00 in a research report on Thursday, August 28th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$206.00.

Royal Bank of Canada Price Performance

TSE RY opened at C$200.22 on Friday. The company has a market cap of C$282.37 billion, a PE ratio of 15.15, a price-to-earnings-growth ratio of 3.42 and a beta of 1.17. The stock’s 50 day simple moving average is C$185.43 and its 200-day simple moving average is C$173.76. Royal Bank of Canada has a 1-year low of C$151.25 and a 1-year high of C$204.60.

Insiders Place Their Bets

In other Royal Bank of Canada news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of C$182.30, for a total transaction of C$56,148.92. Also, Director David Ian Mckay sold 20,304 shares of Royal Bank of Canada stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of C$182.30, for a total value of C$3,701,453.72. Insiders sold a total of 42,026 shares of company stock valued at $7,517,844 over the last quarter.

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.