CIBC Raises Royal Bank of Canada (TSE:RY) Price Target to C$229.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price lifted by research analysts at CIBC from C$220.00 to C$229.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The firm presently has a “neutral” rating on the financial services provider’s stock. CIBC’s target price would indicate a potential upside of 0.04% from the company’s previous close.

A number of other research firms have also issued reports on RY. Barclays upped their price target on Royal Bank of Canada from C$221.00 to C$227.00 and gave the company an “overweight” rating in a research report on Thursday, December 4th. Jefferies Financial Group lowered Royal Bank of Canada from a “buy” rating to a “hold” rating and upped their price objective for the stock from C$213.00 to C$215.00 in a research report on Tuesday, November 25th. Bank of America lifted their price target on shares of Royal Bank of Canada from C$214.00 to C$227.00 in a research note on Thursday, August 28th. Natl Bk Canada upgraded Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 1st. Finally, Raymond James Financial lifted their price target on Royal Bank of Canada from C$229.00 to C$239.00 and gave the stock an “outperform” rating in a research report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Royal Bank of Canada presently has a consensus rating of “Moderate Buy” and a consensus target price of C$224.92.

Royal Bank of Canada Trading Up 0.5%

Shares of TSE:RY traded up C$1.16 during trading on Thursday, reaching C$228.91. The stock had a trading volume of 1,281,245 shares, compared to its average volume of 4,065,917. Royal Bank of Canada has a one year low of C$151.25 and a one year high of C$228.91. The firm’s 50-day simple moving average is C$209.19 and its 200 day simple moving average is C$194.11. The company has a market capitalization of C$321.62 billion, a P/E ratio of 16.27, a PEG ratio of 3.42 and a beta of 1.29.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its earnings results on Wednesday, December 3rd. The financial services provider reported C$3.85 EPS for the quarter. The firm had revenue of C$17.21 billion during the quarter. Royal Bank of Canada had a return on equity of 13.27% and a net margin of 28.23%. Equities research analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

About Royal Bank of Canada

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S.