Brokerages Set Royal Bank of Canada (TSE:RY) PT at C$292.86

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) have earned an average recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is C$292.86.

A number of research analysts have commented on RY shares. Barclays boosted their price objective on Royal Bank of Canada from C$260.00 to C$300.00 in a research note on Friday, August 21st. Raymond James Financial increased their target price 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. National Bank Financial boosted their price target on Royal Bank of Canada from C$318.00 to C$321.00 and gave the stock an “outperform” rating in a research report on Sunday, August 30th. Canadian Imperial Bank of Commerce decreased their price target on Royal Bank of Canada from C$311.00 to C$300.00 and set a “neutral” rating for the company in a report on Thursday, September 3rd. Finally, Jefferies Financial Group increased their price objective on shares of Royal Bank of Canada from C$268.00 to C$271.00 in a research report on Thursday, September 3rd.

Royal Bank of Canada Trading Down 0.0%

Shares of RY stock opened at C$285.19 on Friday. The company’s fifty day simple moving average is C$292.77 and its 200-day simple moving average is C$265.05. Royal Bank of Canada has a 52 week low of C$199.27 and a 52 week high of C$306.38. The company has a market cap of C$394.83 billion, a PE ratio of 17.98, a P/E/G ratio of 3.42 and a beta of 0.94.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share for the quarter. Royal Bank of Canada had a net margin of 15.92% and a return on equity of 16.11%. The firm had revenue of C$18.54 billion during the quarter. Equities research analysts expect 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 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 an increase 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 Activity

In other Royal Bank of Canada news, insider Bruce Washington Ross sold 45,670 shares of the business’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of C$293.11, for a total value of C$13,386,333.70. Following the transaction, the insider owned 235 shares in the company, valued at C$68,880.85. The trade was a 99.49% decrease in their position. Also, insider Kelly Bradley sold 5,142 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of C$283.07, for a total transaction of C$1,455,545.94. Following the completion of the transaction, the insider directly owned 1,043 shares of the company’s stock, valued at approximately C$295,242.01. The trade was a 83.14% decrease in their ownership of the stock. Insiders have sold a total of 292,398 shares of company stock valued at $84,179,616 over the last ninety days.

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.