Royal Bank of Canada (TSE:RY) Price Target Raised to C$320.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price objective boosted by Desjardins from C$275.00 to C$320.00 in a research note released on Wednesday morning,BayStreet.CA reports. The firm currently has a buy rating on the financial services provider’s stock.

Several other analysts also recently issued reports on RY. Raymond James Financial upped their price objective on Royal Bank of Canada from C$265.50 to C$270.50 and gave the company a “market perform” rating in a research report on Friday, May 29th. National Bank Financial boosted their target price on shares of 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. Canaccord Genuity Group upped their target price on shares of Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Barclays upped their target price on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the company an “overweight” rating in a report on Friday, May 29th. Finally, TD raised their price target on shares of Royal Bank of Canada from C$267.00 to C$272.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Royal Bank of Canada has a consensus rating of “Moderate Buy” and an average target price of C$266.42.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock opened at C$294.59 on Wednesday. Royal Bank of Canada has a 1 year low of C$181.90 and a 1 year high of C$306.38. The company has a market capitalization of C$409.38 billion, a P/E ratio of 19.15, a P/E/G ratio of 3.42 and a beta of 1.05. The business has a 50 day moving average price of C$288.84 and a 200 day moving average price of C$254.45.

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

Royal Bank of Canada Increases Dividend

The firm also recently declared 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. This represents a $7.04 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Monday, July 27th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.64. Royal Bank of Canada’s dividend payout ratio is 41.35%.

Insiders Place Their Bets

In related news, insider Katherine Gibson sold 462 shares of the business’s stock in a transaction that occurred on Wednesday, July 22nd. The shares were sold at an average price of C$297.19, for a total value of C$137,301.78. Following the completion of the sale, the insider directly owned 290 shares in the company, valued at approximately C$86,185.10. The trade was a 61.44% decrease in their ownership of the stock. Also, insider Graeme Ashley Hepworth sold 1,463 shares of the company’s stock in a transaction that occurred on Wednesday, July 22nd. The stock was sold at an average price of C$297.19, for a total transaction of C$434,788.97. In the last three months, insiders sold 353,206 shares of company stock valued at $100,237,874.

Royal Bank of Canada Company Profile

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.