Royal Bank of Canada (TSE:RY) Upgraded by CIBC to Outperform Rating

CIBC upgraded shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) from a neutral rating to an outperform rating in a research note published on Friday morning,BayStreet.CA reports. CIBC currently has C$168.00 target price on the financial services provider’s stock, up from their previous target price of C$167.00.

RY has been the topic of a number of other reports. Jefferies Financial Group lowered their target price on shares of Royal Bank of Canada from C$197.00 to C$192.00 in a research note on Tuesday, February 18th. Scotiabank lowered their price target on Royal Bank of Canada from C$197.00 to C$191.00 and set an “outperform” rating on the stock in a research report on Thursday, February 20th. National Bankshares boosted their price objective on Royal Bank of Canada from C$181.00 to C$188.00 in a research report on Thursday, December 5th. BMO Capital Markets lowered their target price on Royal Bank of Canada from C$195.00 to C$193.00 in a report on Thursday, December 5th. Finally, UBS Group upped their price target on Royal Bank of Canada from C$192.00 to C$198.00 in a report on Friday, March 7th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of C$181.75.

Royal Bank of Canada Stock Down 2.7 %

RY stock opened at C$157.82 on Friday. The company has a market capitalization of C$223.32 billion, a price-to-earnings ratio of 13.75, a P/E/G ratio of 3.42 and a beta of 0.84. The firm has a 50 day moving average of C$167.08 and a two-hundred day moving average of C$170.45. Royal Bank of Canada has a 12 month low of C$131.57 and a 12 month high of C$180.45.

Royal Bank of Canada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 23rd. Investors of record on Friday, May 23rd will be given a $1.48 dividend. The ex-dividend date is Thursday, April 24th. This represents a $5.92 annualized dividend and a yield of 3.75%. Royal Bank of Canada’s dividend payout ratio (DPR) is currently 49.49%.

Insiders Place Their Bets

In other news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of C$175.12, for a total value of C$53,938.25. Also, Director David Ian Mckay sold 20,304 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of C$169.67, for a total value of C$3,444,896.43. Insiders have sold 61,836 shares of company stock worth $10,443,690 over 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.