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 morning,Zacks.com reports.

Other research analysts have also issued research reports about the company. Cormark reduced their target price on Royal Bank of Canada from C$194.00 to C$189.00 in a report on Friday, February 28th. Canaccord Genuity Group boosted their price objective on shares of Royal Bank of Canada from C$188.00 to C$191.00 in a research note on Thursday, December 5th. Jefferies Financial Group decreased their target price on shares of Royal Bank of Canada from C$197.00 to C$192.00 in a report on Tuesday, February 18th. BMO Capital Markets cut their price target on shares of Royal Bank of Canada from C$195.00 to C$193.00 in a report on Thursday, December 5th. Finally, UBS Group boosted their price target on shares of Royal Bank of Canada from C$192.00 to C$198.00 in a research report on Friday, March 7th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of C$181.75.

Royal Bank of Canada Stock Performance

Shares of TSE RY opened at C$157.82 on Thursday. Royal Bank of Canada has a fifty-two week low of C$131.57 and a fifty-two week high of C$180.45. The stock has a market cap of C$223.32 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 3.42 and a beta of 0.84. The stock has a fifty day moving average of C$167.08 and a 200-day moving average of C$170.45.

Royal Bank of Canada Dividend Announcement

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

Insider Transactions at Royal Bank of Canada

In other news, Director David Ian Mckay sold 20,304 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of C$169.67, for a total value of C$3,444,896.43. Also, Senior Officer Graeme Ashley Hepworth sold 308 shares of the stock in a transaction 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. In the last three months, insiders sold 61,836 shares of company stock worth $10,443,690.

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.