Brokerages Set Royal Bank of Canada (TSE:RY) Target Price at C$278.23

Royal Bank of Canada (TSE:RY) (NYSE:RY) has been given an average rating of “Moderate Buy” by the twelve analysts that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is C$280.69.

Several equities analysts have issued reports on RY shares. Raymond James Financial lifted their target price on Royal Bank of Canada from C$270.50 to C$306.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 12th. Barclays upped their target price on Royal Bank of Canada from C$245.00 to C$260.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Scotiabank lifted their price target on Royal Bank of Canada from C$275.00 to C$280.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, June 16th. Canaccord Genuity Group boosted their price objective on Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Finally, Jefferies Financial Group increased their price objective on Royal Bank of Canada from C$240.00 to C$268.00 in a report on Thursday, August 13th.

Royal Bank of Canada Trading Down 1.3%

Shares of TSE:RY opened at C$283.33 on Tuesday. The firm has a 50 day simple moving average of C$293.17 and a 200-day simple moving average of C$258.69. Royal Bank of Canada has a twelve month low of C$188.54 and a twelve month high of C$306.38. The company has a market capitalization of C$393.73 billion, a PE ratio of 18.42, a P/E/G ratio of 3.42 and a beta of 1.05.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its earnings results 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 for the quarter. As a group, equities research analysts predict 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 announced 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 of this dividend is Monday, July 27th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 2.5%. Royal Bank of Canada’s dividend payout ratio is currently 41.35%.

Insider Activity

In other Royal Bank of Canada news, insider Katherine Gibson sold 462 shares of the 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$137,301.78. Following the completion of the sale, the insider directly owned 290 shares of the company’s stock, valued at approximately C$86,185.10. This trade represents a 61.44% decrease in their position. 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 value of C$434,788.97. Insiders sold 324,096 shares of company stock worth $92,616,003 over the last quarter.

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.