CIBC Lowers Royal Bank of Canada (TSE:RY) Price Target to C$167.00

Royal Bank of Canada (TSE:RY - Free Report) NYSE: RY had its price target lowered by CIBC from C$175.00 to C$167.00 in a research report released on Wednesday,BayStreet.CA reports.

A number of other research firms have also recently commented on RY. UBS Group decreased their price target on Royal Bank of Canada from C$200.00 to C$192.00 in a report on Friday, February 14th. BMO Capital Markets decreased their price target on Royal Bank of Canada from C$195.00 to C$193.00 in a report on Thursday, December 5th. Jefferies Financial Group decreased their price target on Royal Bank of Canada from C$197.00 to C$192.00 in a report on Tuesday, February 18th. Cormark decreased their price target on Royal Bank of Canada from C$194.00 to C$189.00 in a report on Friday, February 28th. Finally, Barclays raised Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 21st. Two analysts have rated the stock with a hold rating, five have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of C$181.67.

Royal Bank of Canada Price Performance

Shares of RY traded up C$1.97 during trading hours on Wednesday, hitting C$165.38. The stock had a trading volume of 3,433,254 shares, compared to its average volume of 4,471,488. Royal Bank of Canada has a 12 month low of C$131.57 and a 12 month high of C$180.45. The stock has a fifty day moving average price of C$171.61 and a 200 day moving average price of C$170.34. The firm has a market capitalization of C$234.01 billion, a PE ratio of 14.41, a PEG ratio of 3.42 and a beta of 0.84.

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Royal Bank of Canada Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 23rd. Shareholders of record on Thursday, April 24th will be paid a $1.48 dividend. This represents a $5.92 annualized dividend and a yield of 3.58%. Royal Bank of Canada's payout ratio is currently 49.49%.

Insider Activity

In other news, Senior Officer Graeme Ashley Hepworth sold 308 shares of Royal Bank of Canada stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of C$175.12, for a total transaction of C$53,938.25. Also, Senior Officer Douglas Antony Guzman sold 1,538 shares of Royal Bank of Canada stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of C$177.09, for a total transaction of C$272,363.80. Following the sale, the insider now directly owns 25 shares of the company's stock, valued at C$4,427.24. This represents a 98.40 % decrease in their position. Over the last quarter, insiders sold 42,762 shares of company stock valued at $7,379,177.

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.