Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) has been given a consensus rating of “Moderate Buy” by the thirteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is C$286.07.
Several analysts have weighed in on RY shares. National Bank Financial boosted their target price on shares of Royal Bank of Canada from C$271.00 to C$318.00 and gave the company an “outperform” rating in a research note on Thursday, August 13th. Keefe, Bruyette & Woods set a C$316.00 price target on shares of Royal Bank of Canada and gave the stock a “market perform” rating in a research report on Friday. Jefferies Financial Group lifted their price target on shares of Royal Bank of Canada from C$240.00 to C$268.00 in a report on Thursday, August 13th. Canadian Imperial Bank of Commerce boosted their price objective on shares of Royal Bank of Canada from C$279.00 to C$311.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Scotiabank increased their price objective on shares of Royal Bank of Canada from C$275.00 to C$280.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, June 16th.
Check Out Our Latest Analysis on Royal Bank of Canada
Royal Bank of Canada Trading Down 0.3%
Royal Bank of Canada (TSE:RY – Get Free Report) (NYSE:RY) last posted its quarterly earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%.The business had revenue of C$17.45 billion for the quarter. On average, sell-side analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.
Royal Bank of Canada Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 24th will be paid a $1.76 dividend. The ex-dividend date is Monday, July 27th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a yield of 2.5%. Royal Bank of Canada’s payout ratio is presently 41.35%.
Insider Activity
In related news, Director David Ian Mckay sold 133,130 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of C$287.21, for a total transaction of C$38,236,267.30. Following the completion of the transaction, the director owned 5,873 shares in the company, valued at C$1,686,784.33. The trade was a 95.77% decrease in their position. Also, insider Neil Mclaughlin sold 4,000 shares of the company’s stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of C$287.72, for a total value of C$1,150,880.00. Over the last ninety days, insiders sold 324,096 shares of company stock valued at $92,616,003.
About Royal Bank of Canada
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S.
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