Brokerages Set Royal Bank of Canada (TSE:RY) Target Price at C$292.86

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) have been assigned an average recommendation of “Moderate Buy” from the thirteen ratings firms that are covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is C$292.86.

A number of brokerages have issued reports on RY. Canaccord Genuity Group lifted their price target on Royal Bank of Canada from C$310.00 to C$318.00 and gave the stock a “buy” rating in a report on Friday, August 28th. National Bank Financial increased their price objective on Royal Bank of Canada from C$318.00 to C$321.00 and gave the company an “outperform” rating in a report on Sunday, August 30th. Scotia raised their target price on Royal Bank of Canada from C$311.00 to C$312.00 and gave the stock a “sector outperform” rating in a research report on Friday, August 28th. TD cut their target price on Royal Bank of Canada from C$307.00 to C$306.00 and set a “buy” rating on the stock in a research report on Friday, August 28th. Finally, Keefe, Bruyette & Woods boosted their target price on Royal Bank of Canada from C$316.00 to C$324.00 in a research note on Monday, August 31st.

Insider Transactions at Royal Bank of Canada

In related news, insider Kelly Bradley sold 1,644 shares of Royal Bank of Canada stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of C$283.03, for a total transaction of C$465,301.32. Following the sale, the insider directly owned 1,043 shares in the company, valued at C$295,200.29. This trade represents a 61.18% decrease in their position. Also, insider Bruce Washington Ross sold 3,659 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of C$279.97, for a total transaction of C$1,024,410.23. Following the completion of the sale, the insider directly owned 235 shares of the company’s stock, valued at approximately C$65,792.95. This trade represents a 93.97% decrease in their ownership of the stock. In the last quarter, insiders sold 292,398 shares of company stock worth $84,179,616.

Royal Bank of Canada Stock Performance

RY stock opened at C$283.06 on Friday. The company’s 50 day moving average price is C$292.35 and its 200 day moving average price is C$265.74. Royal Bank of Canada has a fifty-two week low of C$200.78 and a fifty-two week high of C$306.38. The firm has a market capitalization of C$391.88 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 3.42 and a beta of 0.94.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings results on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share (EPS) for the quarter. The company had revenue of C$18.54 billion during the quarter. Royal Bank of Canada had a net margin of 15.92% and a return on equity of 16.11%. Equities analysts forecast that Royal Bank of Canada will post 12.3454675 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Stockholders of record on Monday, August 24th were given a dividend of $1.76 per share. The ex-dividend date was Monday, July 27th. This represents a $7.04 annualized dividend and a dividend yield of 2.5%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.64. Royal Bank of Canada’s payout ratio is presently 41.49%.

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.