Brokerages Set Royal Bank of Canada (TSE:RY) PT at C$278.23

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) have been given a consensus rating of “Moderate Buy” by the thirteen research firms that are currently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is C$286.07.

A number of analysts have weighed in on RY shares. National Bank Financial set a C$318.00 price target on shares of Royal Bank of Canada and gave the company an “outperform” rating in a report on Monday. Canaccord Genuity Group upped their price objective on shares of Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Scotiabank upped their price objective on shares of Royal Bank of Canada from C$275.00 to C$280.00 and gave the company a “sector outperform” rating in a research report on Tuesday, June 16th. Desjardins increased their target price on shares of Royal Bank of Canada from C$275.00 to C$320.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Finally, Barclays lifted their target price on Royal Bank of Canada from C$260.00 to C$300.00 in a research report on Friday.

Insider Activity at Royal Bank of Canada

In related news, insider Katherine Gibson sold 462 shares of the firm’s stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of C$297.19, for a total value of C$137,301.78. Following the completion of the transaction, the insider directly owned 290 shares of the company’s stock, valued at C$86,185.10. This trade represents a 61.44% decrease in their ownership of the stock. Also, insider Bruce Washington Ross sold 3,657 shares of Royal Bank of Canada stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of C$297.19, for a total transaction of C$1,086,823.83. Following the sale, the insider owned 235 shares in the company, valued at C$69,839.65. This represents a 93.96% decrease in their position. Insiders have sold 324,096 shares of company stock worth $92,616,003 in the last three months.

Royal Bank of Canada Stock Up 0.1%

Shares of RY stock opened at C$282.62 on Tuesday. Royal Bank of Canada has a 12 month low of C$188.54 and a 12 month high of C$306.38. The firm has a market cap of C$392.75 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05. The stock has a 50 day moving average of C$293.32 and a 200-day moving average of C$259.41.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. The business 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 EPS for the current fiscal year.

Royal Bank of Canada Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 24th were given a $1.76 dividend. The ex-dividend date was Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.64. Royal Bank of Canada’s dividend payout ratio is 41.35%.

About Royal Bank of Canada

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.