David Ian Mckay Sells 23,089 Shares of Royal Bank of Canada (TSE:RY) Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) Director David Ian Mckay sold 23,089 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of C$284.86, for a total transaction of C$6,577,132.54. Following the sale, the director directly owned 5,873 shares in the company, valued at C$1,672,982.78. This trade represents a 79.72% decrease in their ownership of the stock.

David Ian Mckay also recently made the following trade(s):

• On Tuesday, June 23rd, David Ian Mckay sold 133,130 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$287.21, for a total value of C$38,236,267.30.
• On Friday, May 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$261.83, for a total value of C$6,045,392.87.
• On Wednesday, April 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$242.82, for a total value of C$5,606,470.98.

Royal Bank of Canada Stock Down 0.2%

Shares of TSE:RY traded down C$0.52 during midday trading on Wednesday, hitting C$287.89. The stock had a trading volume of 1,863,272 shares, compared to its average volume of 3,602,954. The company has a market cap of C$400.07 billion, a P/E ratio of 18.72, a PEG ratio of 3.42 and a beta of 1.08. Royal Bank of Canada has a 12 month low of C$175.03 and a 12 month high of C$289.82. The business’s 50-day simple moving average is C$258.41 and its 200-day simple moving average is C$239.99.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its quarterly earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. The firm had revenue of C$17.45 billion for the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. As a group, equities analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 22nd were paid a dividend of $1.64 per share. The ex-dividend date was Thursday, April 23rd. This represents a $6.56 annualized dividend and a dividend yield of 2.3%. Royal Bank of Canada’s payout ratio is currently 41.35%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RY shares. Canaccord Genuity Group raised their target price on shares of Royal Bank of Canada from C$280.00 to C$282.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Canadian Imperial Bank of Commerce boosted their price target on Royal Bank of Canada from C$258.00 to C$279.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Desjardins upped their price objective on Royal Bank of Canada from C$262.00 to C$275.00 and gave the company a “buy” rating in a research note on Friday, May 29th. National Bank Financial raised their price objective on Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a research report on Friday, May 15th. Finally, Jefferies Financial Group raised their price objective on Royal Bank of Canada from C$226.00 to C$232.00 in a research report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$260.81.

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.