Royal Bank of Canada (TSE:RY) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$266.96 and traded as high as C$289.72. Royal Bank of Canada shares last traded at C$289.64, with a volume of 1,579,437 shares changing hands.

Wall Street Analysts Forecast Growth

RY has been the topic of several research reports. Barclays increased their target price on Royal Bank of Canada from C$260.00 to C$300.00 in a research note on Friday, August 21st. Canaccord Genuity Group boosted their target price on Royal Bank of Canada from C$310.00 to C$318.00 and gave the company a “buy” rating in a report on Friday, August 28th. Keefe, Bruyette & Woods upped their price objective on Royal Bank of Canada from C$316.00 to C$324.00 in a research note on Monday, August 31st. Raymond James Financial lifted their price target on Royal Bank of Canada from C$270.50 to C$306.00 and gave the company a “market perform” rating in a research note on Wednesday, August 12th. Finally, Scotia raised their price target on Royal Bank of Canada from C$311.00 to C$312.00 and gave the company a “sector outperform” rating in a research report on Friday, August 28th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of C$292.86.

Royal Bank of Canada Price Performance

The company has a 50-day moving average of C$290.91 and a two-hundred day moving average of C$267.79. The stock has a market capitalization of C$389.51 billion, a PE ratio of 17.74, a P/E/G ratio of 3.42 and a beta of 0.94.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its quarterly earnings data on Thursday, August 27th. The financial services provider reported C$4.28 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%. On average, research analysts forecast 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 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 of this dividend was 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 presently 41.49%.

Insider Buying and Selling at Royal Bank of Canada

In other Royal Bank of Canada news, insider Bruce Washington Ross sold 45,670 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of C$293.11, for a total transaction of C$13,386,333.70. Following the sale, the insider owned 235 shares in the company, valued at C$68,880.85. This represents a 99.49% decrease in their ownership of the stock. Also, Director David Ian Mckay sold 23,091 shares of Royal Bank of Canada stock in a transaction on Monday, August 24th. The stock was sold at an average price of C$279.97, for a total transaction of C$6,464,787.27. Following the completion of the transaction, the director directly owned 5,873 shares of the company’s stock, valued at approximately C$1,644,263.81. This represents a 79.72% decrease in their position. Insiders have sold 123,097 shares of company stock worth $35,618,298 in the last ninety days.

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.