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

CIBC cut shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) from an outperform rating to a neutral rating in a research note published on Thursday morning. They currently have C$114.00 price target on the financial services provider’s stock, up from their previous price target of C$113.00.

A number of other research firms also recently commented on RY. Canaccord Genuity boosted their price objective on Royal Bank of Canada from C$105.00 to C$108.00 in a research note on Thursday, November 30th. Citigroup boosted their price objective on Royal Bank of Canada from C$118.00 to C$120.00 in a research note on Tuesday, December 12th. Eight Capital raised Royal Bank of Canada from a neutral rating to a buy rating and boosted their price objective for the stock from C$107.00 to C$113.00 in a research note on Monday, December 11th. Scotiabank boosted their price objective on Royal Bank of Canada from C$110.00 to C$111.00 and gave the stock a sector perform rating in a research note on Thursday, November 30th. Finally, Desjardins boosted their target price on Royal Bank of Canada from C$108.00 to C$109.00 in a research report on Thursday, November 30th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Royal Bank of Canada has a consensus rating of Hold and a consensus target price of C$108.17.

Shares of Royal Bank of Canada (RY) opened at C$103.55 on Thursday. Royal Bank of Canada has a 12 month low of C$90.13 and a 12 month high of C$108.52. The company has a market capitalization of $151,220.00, a price-to-earnings ratio of 13.70 and a beta of 0.71.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its quarterly earnings data on Wednesday, November 29th. The financial services provider reported C$1.92 EPS for the quarter, topping the Zacks’ consensus estimate of C$1.88 by C$0.04. Royal Bank of Canada had a return on equity of 16.63% and a net margin of 26.20%.

The business also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Thursday, January 25th will be given a dividend of $0.91 per share. This represents a $3.64 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date is Wednesday, January 24th. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 46.03%.

In other Royal Bank of Canada news, Director Jeffery William Yabuki purchased 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 5th. The shares were purchased at an average cost of C$79.63 per share, with a total value of C$79,630.00. Also, insider Jennifer Anne Tory sold 344 shares of the company’s stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of C$101.18, for a total value of C$34,805.92. Insiders have sold 19,531 shares of company stock worth $2,024,910 over the last ninety days.

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Royal Bank of Canada Company Profile

Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

Analyst Recommendations for Royal Bank of Canada (TSE:RY)

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