Royal Bank of Canada (TSE:RY) Price Target Raised to C$240.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price raised by Desjardins from C$230.00 to C$240.00 in a research report report published on Thursday morning,BayStreet.CA reports. Desjardins currently has a buy rating on the financial services provider’s stock.

RY has been the topic of a number of other reports. UBS Group boosted their price target on Royal Bank of Canada from C$225.00 to C$238.00 in a report on Tuesday, November 25th. Natl Bk Canada raised Royal Bank of Canada from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 1st. Erste Group Bank upgraded Royal Bank of Canada to a “strong-buy” rating in a research note on Monday, September 22nd. Canaccord Genuity Group upped their price target on Royal Bank of Canada from C$201.00 to C$219.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Finally, CIBC raised their price target on shares of Royal Bank of Canada from C$220.00 to C$229.00 and gave the stock a “neutral” rating in a research note on Thursday, December 11th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Royal Bank of Canada has an average rating of “Moderate Buy” and a consensus price target of C$228.92.

Royal Bank of Canada Stock Performance

Shares of RY opened at C$232.71 on Thursday. The firm’s 50 day moving average price is C$212.84 and its two-hundred day moving average price is C$196.76. Royal Bank of Canada has a twelve month low of C$151.25 and a twelve month high of C$234.29. The firm has a market cap of C$326.96 billion, a P/E ratio of 16.54, a PEG ratio of 3.42 and a beta of 1.29.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last issued its quarterly earnings data on Wednesday, December 3rd. The financial services provider reported C$3.85 EPS for the quarter. The business had revenue of C$17.21 billion for the quarter. Royal Bank of Canada had a net margin of 28.23% and a return on equity of 13.27%. On average, sell-side analysts anticipate that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Royal Bank of Canada Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 24th. Shareholders of record on Monday, November 24th were given a dividend of $1.54 per share. The ex-dividend date of this dividend was Monday, October 27th. This represents a $6.16 annualized dividend and a dividend yield of 2.6%. Royal Bank of Canada’s payout ratio is 42.93%.

Insider Activity

In other news, Director David Ian Mckay sold 91,288 shares of the stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of C$228.75, for a total value of C$20,882,130.00. Following the completion of the sale, the director owned 5,873 shares of the company’s stock, valued at approximately C$1,343,448.75. This represents a 93.96% decrease in their position.

Royal Bank of Canada Company Profile

Royal Bank of Canada is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S. and other countries.