Canadian Imperial Bank of Commerce Boosts Royal Bank of Canada (TSE:RY) Price Target to C$242.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price increased by analysts at Canadian Imperial Bank of Commerce from C$229.00 to C$242.00 in a research note issued to investors on Friday,BayStreet.CA reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Canadian Imperial Bank of Commerce’s price objective points to a potential upside of 4.77% from the stock’s current price.

A number of other equities analysts have also recently commented on the stock. Natl Bk Canada raised shares of Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 1st. BMO Capital Markets raised their price target on Royal Bank of Canada from C$229.00 to C$245.00 in a research report on Wednesday, December 17th. Scotiabank upped their price objective on Royal Bank of Canada from C$231.00 to C$242.00 in a report on Friday, January 9th. TD Securities increased their price target on shares of Royal Bank of Canada from C$246.00 to C$260.00 in a research report on Monday, February 9th. Finally, Desjardins raised their price objective on Royal Bank of Canada from C$240.00 to C$247.00 and gave the company a “buy” rating in a research note on Monday, February 9th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada has a consensus rating of “Buy” and an average price target of C$235.54.

Royal Bank of Canada Price Performance

Shares of TSE:RY opened at C$230.98 on Friday. The business’s 50-day moving average is C$232.34 and its 200-day moving average is C$212.18. Royal Bank of Canada has a 1 year low of C$151.25 and a 1 year high of C$240.34. The company has a market capitalization of C$323.42 billion, a price-to-earnings ratio of 16.42, a P/E/G ratio of 3.42 and a beta of 1.28.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly earnings data on Wednesday, December 3rd. The financial services provider reported C$3.85 EPS for the quarter. Royal Bank of Canada had a net margin of 28.23% and a return on equity of 13.27%. The company had revenue of C$17.21 billion during the quarter. Analysts anticipate that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Insiders Place Their Bets

In other Royal Bank of Canada news, Director David Ian Mckay sold 91,288 shares of the company’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of C$228.75, for a total transaction of C$20,882,130.00. Following the transaction, the director owned 5,873 shares in the company, valued at approximately C$1,343,448.75. This represents a 93.96% decrease in their position.

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. and other countries.