Royal Bank of Canada (TSE:RY) Shares Pass Above 200 Day Moving Average – Here’s Why

Royal Bank of Canada (TSE:RY) (NYSE:RY) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$253.31 and traded as high as C$296.60. Royal Bank of Canada shares last traded at C$293.47, with a volume of 4,022,214 shares traded.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Barclays lifted their target price on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Scotiabank boosted their price objective 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. National Bank Financial raised their target price on Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a report on Friday, May 15th. Canadian Imperial Bank of Commerce upped 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 report on Friday, May 29th. Finally, Jefferies Financial Group raised their price objective on shares of Royal Bank of Canada from C$226.00 to C$232.00 in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of C$266.42.

Royal Bank of Canada Price Performance

The business’s 50 day simple moving average is C$288.24 and its 200 day simple moving average is C$254.17. The stock has a market cap of C$412.12 billion, a P/E ratio of 19.28, a PEG 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. The business had revenue of C$17.45 billion during the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%. Research analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The company 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. This represents a $7.04 annualized dividend and a dividend yield of 2.4%. 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. Royal Bank of Canada’s payout ratio is currently 41.35%.

Insider Activity at Royal Bank of Canada

In other Royal Bank of Canada news, Director David Ian Mckay sold 133,130 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of C$287.21, for a total value of C$38,236,267.30. Following the transaction, the director directly owned 5,873 shares in the company, valued at C$1,686,784.33. The trade was a 95.77% decrease in their ownership of the stock. Also, insider Neil Mclaughlin sold 4,000 shares of Royal Bank of Canada stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of C$287.72, for a total value of C$1,150,880.00. Insiders sold 353,206 shares of company stock valued at $100,237,874 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.