CIBC Lowers Royal Bank of Canada (TSE:RY) Price Target to C$175.00

Royal Bank of Canada (TSE:RY - Free Report) NYSE: RY had its price objective trimmed by CIBC from C$176.00 to C$175.00 in a report released on Tuesday,BayStreet.CA reports.

RY has been the topic of several other reports. Canaccord Genuity Group increased their price target on Royal Bank of Canada from C$188.00 to C$191.00 in a report on Thursday, December 5th. Jefferies Financial Group lowered their price target on Royal Bank of Canada from C$197.00 to C$192.00 in a report on Tuesday. Scotiabank increased their price target on Royal Bank of Canada from C$167.00 to C$197.00 in a report on Monday, November 25th. BMO Capital Markets lowered their price target on Royal Bank of Canada from C$195.00 to C$193.00 in a report on Thursday, December 5th. Finally, Barclays raised Royal Bank of Canada from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of C$180.50.

Royal Bank of Canada Stock Performance

Shares of TSE RY traded down C$0.18 during midday trading on Tuesday, hitting C$169.22. 2,685,795 shares of the stock traded hands, compared to its average volume of 4,588,086. The firm has a 50-day moving average of C$172.93 and a two-hundred day moving average of C$168.95. The firm has a market capitalization of C$239.45 billion, a P/E ratio of 14.74, a PEG ratio of 3.42 and a beta of 0.84. Royal Bank of Canada has a one year low of C$130.44 and a one year high of C$180.45.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 24th. Shareholders of record on Monday, February 24th will be paid a $1.48 dividend. This represents a $5.92 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date of this dividend is Monday, January 27th. This is a positive change from Royal Bank of Canada's previous quarterly dividend of $1.42. Royal Bank of Canada's dividend payout ratio is presently 49.49%.

Insiders Place Their Bets

In other Royal Bank of Canada news, Senior Officer Graeme Ashley Hepworth sold 308 shares of the stock in a transaction 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 stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of C$175.12, for a total value of C$3,555,721.76. In the last quarter, insiders sold 22,150 shares of company stock worth $3,882,024.

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.