Brokerages Set Royal Bank of Canada (TSE:RY) Target Price at C$262.96

Royal Bank of Canada (TSE:RY) (NYSE:RY) has been assigned an average rating of “Moderate Buy” from the twelve ratings firms that are presently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is C$262.96.

Several research firms have issued reports on RY. Desjardins boosted their target price on Royal Bank of Canada from C$262.00 to C$275.00 and gave the stock a “buy” rating in a research report on Friday, May 29th. Barclays lifted their price target on Royal Bank of Canada from C$245.00 to C$260.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. TD upped their price objective on Royal Bank of Canada from C$267.00 to C$272.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Canaccord Genuity Group increased their price objective on Royal Bank of Canada from C$282.00 to C$310.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Finally, Canadian Imperial Bank of Commerce raised their target price on Royal Bank of Canada from C$258.00 to C$279.00 and gave the company a “neutral” rating in a report on Friday, May 29th.

Royal Bank of Canada Price Performance

Shares of Royal Bank of Canada stock opened at C$295.01 on Friday. The firm has a market cap of C$409.96 billion, a price-to-earnings ratio of 19.18, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05. Royal Bank of Canada has a 52-week low of C$175.50 and a 52-week high of C$306.38. The company’s 50-day simple moving average is C$281.85 and its 200-day simple moving average is C$250.38.

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

Royal Bank of Canada Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 24th will be issued a $1.76 dividend. The ex-dividend date is Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.64. Royal Bank of Canada’s payout ratio is 41.35%.

Key Royal Bank of Canada News

Here are the key news stories impacting Royal Bank of Canada this week:

• Positive Sentiment: Royal Bank of Canada received a consensus analyst recommendation of “Moderate Buy”, which suggests Wall Street views remain favorable and may be supporting the stock. Royal Bank of Canada (TSE:RY) Receives Consensus Recommendation of “Moderate Buy” from Analysts
• Positive Sentiment: The share price crossed above its 200-day moving average, a bullish technical signal that can attract momentum buyers and indicate improving investor confidence. Royal Bank of Canada (TSE:RY) Share Price Crosses Above 200 Day Moving Average – What’s Next?
• Negative Sentiment: Multiple insiders sold shares, including a large sale by Director David Ian McKay and additional sales by Katherine Gibson, Graeme Ashley Hepworth, and Bruce Washington Ross. Insider selling can weigh on sentiment because investors may view it as a sign of caution, even if it is often routine diversification.

Insider Activity

In other Royal Bank of Canada news, insider Bruce Washington Ross sold 45,670 shares of the company’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of C$293.11, for a total transaction of C$13,386,333.70. Following the transaction, the insider directly owned 235 shares in the company, valued at approximately C$68,880.85. This represents a 99.49% decrease in their ownership of the stock. Also, insider Neil Mclaughlin sold 4,000 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of C$287.72, for a total transaction of C$1,150,880.00. Insiders sold 353,206 shares of company stock worth $100,237,874 in the last 90 days.

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.