Canadian Imperial Bank of Commerce Issues Positive Forecast for Royal Bank of Canada (TSE:RY) Stock Price

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price lifted by Canadian Imperial Bank of Commerce from C$242.00 to C$258.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Canadian Imperial Bank of Commerce’s target price would suggest a potential upside of 2.79% from the company’s current price.

Other research analysts have also issued research reports about the stock. TD Securities lowered their target price on shares of Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating for the company in a research note on Friday, February 27th. TD boosted their price objective on Royal Bank of Canada from C$259.00 to C$267.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Desjardins boosted their price objective on Royal Bank of Canada from C$250.00 to C$262.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Scotiabank raised their price target on shares of Royal Bank of Canada from C$247.00 to C$252.00 and gave the company a “sector outperform” rating in a research report on Monday, May 4th. Finally, Jefferies Financial Group raised their target price on shares of Royal Bank of Canada from C$217.00 to C$220.00 in a report on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of C$249.27.

Royal Bank of Canada Trading Up 1.7%

TSE:RY traded up C$4.17 during trading hours on Thursday, hitting C$251.00. The company had a trading volume of 1,081,132 shares, compared to its average volume of 3,758,850. The company has a market cap of C$349.02 billion, a P/E ratio of 17.24, a P/E/G ratio of 3.42 and a beta of 1.14. The company has a 50-day moving average of C$232.92 and a 200 day moving average of C$227.71. Royal Bank of Canada has a 1 year low of C$171.29 and a 1 year high of C$251.28.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly earnings results on Thursday, February 26th. The financial services provider reported C$4.08 EPS for the quarter. The firm had revenue of C$17.96 billion for the quarter. Royal Bank of Canada had a net margin of 20.88% and a return on equity of 15.37%. On average, analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Bruce Washington Ross sold 3,657 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of C$242.82, for a total value of C$887,992.74. Following the completion of the sale, the insider directly owned 235 shares of the company’s stock, valued at approximately C$57,062.70. This represents a 93.96% decrease in their ownership of the stock. Also, insider Jennifer Kristine Publicover sold 439 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of C$242.82, for a total value of C$106,597.98. Following the completion of the transaction, the insider owned 152 shares in the company, valued at C$36,908.64. This trade represents a 74.28% decrease in their position. In the last three months, insiders sold 29,110 shares of company stock valued at $7,068,490.

Royal Bank of Canada Company Profile

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.