Royal Bank of Canada (TSE:RY) Director David Ian Mckay Sells 23,091 Shares

Royal Bank of Canada (TSE:RY) (NYSE:RY) Director David Ian Mckay sold 23,091 shares of Royal Bank of Canada stock in a transaction dated Monday, August 24th. The shares were sold at an average price of C$279.97, for a total value of C$6,464,787.27. Following the completion of the transaction, the director directly owned 5,873 shares in the company, valued at C$1,644,263.81. This represents a 79.72% decrease in their ownership of the stock.

David Ian Mckay also recently made the following trade(s):

• On Wednesday, July 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$297.19, for a total transaction of C$6,861,819.91.
• On Monday, June 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$284.86, for a total transaction of C$6,577,132.54.
• On Tuesday, June 23rd, David Ian Mckay sold 133,130 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$287.21, for a total transaction of C$38,236,267.30.

Royal Bank of Canada Price Performance

RY stock traded up C$1.05 during midday trading on Wednesday, reaching C$287.68. 613,303 shares of the company’s stock traded hands, compared to its average volume of 3,521,313. The company has a market capitalization of C$399.78 billion, a P/E ratio of 18.70, a PEG ratio of 3.42 and a beta of 1.05. Royal Bank of Canada has a fifty-two week low of C$195.86 and a fifty-two week high of C$306.38. The business has a 50-day moving average price of C$293.42 and a two-hundred day moving average price of C$259.79.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (EPS) for the quarter. Royal Bank of Canada had a net margin of 18.40% and a return on equity of 15.95%. The company had revenue of C$17.45 billion during the quarter. As a group, research analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 24th. Investors of record on Monday, August 24th were given a dividend of $1.76 per share. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend was Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a yield of 2.4%. Royal Bank of Canada’s dividend payout ratio is currently 41.35%.

Wall Street Analyst Weigh In

RY has been the topic of several research reports. TD raised their price objective on Royal Bank of Canada from C$272.00 to C$307.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Canaccord Genuity Group upped their target price on Royal Bank of Canada from C$282.00 to C$310.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. National Bank Financial set a C$318.00 target price on Royal Bank of Canada and gave the company an “outperform” rating in a research note on Monday. Desjardins increased their target price on 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, Scotiabank raised their target price on Royal Bank of Canada from C$275.00 to C$280.00 and gave the company a “sector outperform” rating in a report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of C$286.07.

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.