David Ian Mckay Sells 23,089 Shares of Royal Bank of Canada (TSE:RY) Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) Director David Ian Mckay sold 23,089 shares of the stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of C$297.19, for a total value of C$6,861,819.91. Following the sale, the director directly owned 5,873 shares in the company, valued at C$1,745,396.87. This represents a 79.72% decrease in their ownership of the stock.

David Ian Mckay also recently made the following trade(s):

• On Monday, June 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$284.86, for a total value of C$6,577,132.54.
• On Tuesday, June 23rd, David Ian Mckay sold 133,130 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$287.21, for a total value of C$38,236,267.30.
• On Friday, May 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$261.83, for a total value of C$6,045,392.87.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock traded up C$0.68 during midday trading on Friday, hitting C$294.35. 1,124,933 shares of the company were exchanged, compared to its average volume of 3,589,400. The firm has a market capitalization of C$409.05 billion, a PE ratio of 19.14, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05. Royal Bank of Canada has a fifty-two week low of C$175.50 and a fifty-two week high of C$306.38. The business has a fifty day simple moving average of C$281.00 and a two-hundred day simple moving average of C$249.98.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share for the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%.The company had revenue of C$17.45 billion during the quarter. As a group, equities analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 24th will be issued a dividend of $1.76 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 2.4%. Royal Bank of Canada’s payout ratio is presently 41.35%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Barclays increased their price target on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Canaccord Genuity Group raised their target price on Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. National Bank Financial lifted their price target on Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. Jefferies Financial Group upped their price target on Royal Bank of Canada from C$226.00 to C$232.00 in a report on Wednesday, May 20th. Finally, Canadian Imperial Bank of Commerce increased their price target on Royal Bank of Canada from C$258.00 to C$279.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of C$262.96.

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.