Royal Bank of Canada (TSE:RY) Stock Gets Price Target Reduction from Desjardins

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price trimmed by Desjardins from C$320.00 to C$316.00 in a report issued on Wednesday morning,BayStreet reports. The firm currently has a buy rating on the financial services provider’s stock.

Several other analysts have also recently commented on the company. Barclays increased their target price on Royal Bank of Canada from C$260.00 to C$300.00 in a report on Friday, August 21st. TD lowered their target price on Royal Bank of Canada from C$307.00 to C$306.00 and set a “buy” rating for the company in a research note on Friday, August 28th. Scotia lifted 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 report on Friday, August 28th. Keefe, Bruyette & Woods upped their price target on shares of Royal Bank of Canada from C$316.00 to C$324.00 in a research report on Monday, August 31st. Finally, National Bank Financial increased their price objective on shares of Royal Bank of Canada from C$318.00 to C$321.00 and gave the stock an “outperform” rating in a report on Sunday, August 30th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of C$292.57.

Royal Bank of Canada Stock Performance

Shares of TSE RY opened at C$288.37 on Wednesday. The stock has a market cap of C$399.23 billion, a PE ratio of 18.18, a PEG ratio of 3.42 and a beta of 0.89. The business has a fifty day moving average of C$283.21 and a two-hundred day moving average of C$265.66. Royal Bank of Canada has a 52-week low of C$202.79 and a 52-week high of C$306.38.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly earnings results on Thursday, August 27th. The financial services provider reported C$4.28 EPS 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 for the quarter. Analysts predict that Royal Bank of Canada will post 12.35 earnings per share for the current year.

Royal Bank of Canada Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Stockholders of record on Tuesday, November 24th will be given a dividend of C$1.76 per share. The ex-dividend date is Monday, October 26th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 2.4%. Royal Bank of Canada’s payout ratio is presently 41.49%.

Insider Transactions at Royal Bank of Canada

In related news, insider Maria Elena Douvas sold 9,604 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of C$275.20, for a total value of C$2,643,020.80. Also, Director David Ian Mckay sold 23,091 shares of Royal Bank of Canada stock in a transaction dated Monday, August 24th. The stock was sold at an average price of C$279.97, for a total value of C$6,464,787.27. Following the completion of the sale, the director owned 5,873 shares of the company’s stock, valued at approximately C$1,644,263.81. The trade was a 79.72% decrease in their ownership of the stock. Over the last three months, insiders sold 75,908 shares of company stock worth $21,177,587.

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. and 27 other countries.