Royal Bank of Canada (TSE:RY) Given Average Rating of “Moderate Buy” by Brokerages

Royal Bank of Canada (TSE:RY) (NYSE:RY) has been assigned an average rating of “Moderate Buy” from the twelve research firms that are currently covering the stock, Marketbeat.com reports. Three 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 1-year price target among brokers that have updated their coverage on the stock in the last year is C$260.42.

RY has been the subject of a number of research analyst reports. TD Securities reduced their price target on Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating for the company in a report on Friday, February 27th. Barclays lifted their price target on 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. Raymond James Financial lifted their price target on Royal Bank of Canada from C$265.50 to C$270.50 and gave the stock a “market perform” rating in a report on Friday, May 29th. Canadian Imperial Bank of Commerce lifted 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 lifted their price target on Royal Bank of Canada from C$226.00 to C$232.00 in a report on Wednesday, May 20th.

Insider Activity at Royal Bank of Canada

In other news, Director David Ian Mckay sold 23,089 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of C$261.83, for a total transaction of C$6,045,392.87. Following the completion of the sale, the director owned 5,873 shares in the company, valued at C$1,537,727.59. The trade was a 79.72% decrease in their ownership of the stock. Also, insider Bruce Washington Ross sold 38,730 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of C$270.88, for a total value of C$10,491,182.40. Following the sale, the insider owned 235 shares of the company’s stock, valued at approximately C$63,656.80. This represents a 99.40% decrease in their position. Over the last quarter, insiders have sold 96,950 shares of company stock valued at $25,181,544.

Royal Bank of Canada Stock Performance

Royal Bank of Canada stock opened at C$272.63 on Thursday. Royal Bank of Canada has a 52 week low of C$173.39 and a 52 week high of C$273.64. The stock has a market capitalization of C$378.87 billion, a P/E ratio of 17.73, a PEG ratio of 3.42 and a beta of 1.08. The stock has a 50-day simple moving average of C$246.74 and a 200 day simple moving average of C$234.73.

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 EPS for the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%.The business had revenue of C$17.45 billion during the quarter. Research analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 22nd. Stockholders of record on Friday, May 22nd were issued a dividend of $1.64 per share. This represents a $6.56 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Thursday, April 23rd. Royal Bank of Canada’s payout ratio is currently 41.35%.

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.