Royal Bank of Canada (TSE:RY) Upgraded by Cibc World Mkts to “Strong-Buy” Rating

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 issued to investors on Thursday,Zacks.com reports.

Other analysts have also issued reports about the stock. Cormark dropped their target price on shares of Royal Bank of Canada from C$194.00 to C$189.00 in a report on Friday, February 28th. Jefferies Financial Group dropped their price objective on Royal Bank of Canada from C$197.00 to C$192.00 in a report on Tuesday, February 18th. CIBC raised Royal Bank of Canada from a “neutral” rating to an “outperform” rating and boosted their target price for the company from C$167.00 to C$168.00 in a research note on Friday. UBS Group raised their price target on Royal Bank of Canada from C$192.00 to C$198.00 in a research note on Friday, March 7th. Finally, National Bankshares raised their price target on Royal Bank of Canada from C$181.00 to C$188.00 in a research note on Thursday, December 5th. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of C$181.75.

Royal Bank of Canada Stock Down 2.7 %

Shares of RY opened at C$157.82 on Thursday. The stock has a market capitalization of C$223.32 billion, a P/E ratio of 13.75, a PEG ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a twelve month low of C$131.57 and a twelve month high of C$180.45. The firm has a fifty day simple moving average of C$167.08 and a two-hundred day simple moving average of C$170.45.

Royal Bank of Canada Dividend Announcement

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

Insider Buying and Selling

In other Royal Bank of Canada news, Director David Ian Mckay sold 20,304 shares of Royal Bank of Canada stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of C$175.12, for a total transaction of C$3,555,721.76. Also, Senior Officer Graeme Ashley Hepworth sold 308 shares of the business’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of C$161.89, for a total value of C$49,862.12. Insiders have sold 61,836 shares of company stock valued at $10,443,690 over the last quarter.

Royal Bank of Canada Company Profile

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.