Royal Bank of Canada (TSE:RY) Downgraded to “Neutral” at CIBC

Royal Bank of Canada (TSE:RY) (NYSE:RY) was downgraded by CIBC from an “outperform” rating to a “neutral” rating in a research note issued to investors on Thursday, February 1st. They presently have a C$114.00 price objective on the financial services provider’s stock, up from their prior price objective of C$113.00. CIBC’s price target suggests a potential upside of 13.46% from the stock’s current price.

RY has been the subject of several other research reports. Canaccord Genuity raised their price target on Royal Bank of Canada from C$105.00 to C$108.00 in a report on Thursday, November 30th. Citigroup raised their price target on Royal Bank of Canada from C$118.00 to C$120.00 in a report on Tuesday, December 12th. Eight Capital raised Royal Bank of Canada from a “neutral” rating to a “buy” rating and raised their price target for the stock from C$107.00 to C$113.00 in a report on Monday, December 11th. Scotiabank raised their price target on Royal Bank of Canada from C$110.00 to C$111.00 and gave the stock a “sector perform” rating in a report on Thursday, November 30th. Finally, Desjardins raised their price target on Royal Bank of Canada from C$108.00 to C$109.00 in a report on Thursday, November 30th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of C$108.17.

Shares of Royal Bank of Canada (RY) opened at C$100.48 on Thursday. Royal Bank of Canada has a 12-month low of C$90.13 and a 12-month high of C$108.52. The firm has a market capitalization of $146,790.00, a PE ratio of 13.29 and a beta of 0.71.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings data on Wednesday, November 29th. The financial services provider reported C$1.92 earnings per share for the quarter, beating analysts’ consensus estimates of C$1.88 by C$0.04. Royal Bank of Canada had a return on equity of 16.63% and a net margin of 26.20%.

In related news, insider Alex Douglas Mcgregor sold 7,403 shares of Royal Bank of Canada stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of C$101.73, for a total transaction of C$753,107.19. Also, Director David Ian Mckay sold 5,352 shares of Royal Bank of Canada stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of C$101.19, for a total value of C$541,568.88. Over the last 90 days, insiders sold 19,531 shares of company stock valued at $2,024,910.

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Royal Bank of Canada Company Profile

Royal Bank of Canada (RBC), is a diversified financial services company. The Company provides personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. The Company serves personal, business, public sector and institutional clients in Canada, the United States and approximately 40 other countries.

Analyst Recommendations for Royal Bank of Canada (TSE:RY)

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