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

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) have been assigned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is C$260.81.

A number of research analysts recently issued reports on the stock. TD boosted their target price on shares of Royal Bank of Canada from C$267.00 to C$272.00 and gave the company a “buy” rating in a research report on Friday, May 29th. Desjardins lifted their price target on shares of Royal Bank of Canada from C$262.00 to C$275.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Raymond James Financial upped their price objective on shares of Royal Bank of Canada from C$265.50 to C$270.50 and gave the company a “market perform” rating in a report on Friday, May 29th. Scotiabank increased their price objective on shares of Royal Bank of Canada from C$275.00 to C$280.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, June 16th. Finally, Barclays increased their price objective on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th.

Insiders Place Their Bets

In other news, insider Neil Mclaughlin sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of C$287.72, for a total transaction of C$1,150,880.00. Also, insider Bruce Washington Ross sold 45,670 shares of the business’s stock in a transaction that occurred 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 sale, the insider owned 235 shares of the company’s stock, valued at approximately C$68,880.85. This represents a 99.49% decrease in their position. Over the last quarter, insiders have sold 353,645 shares of company stock worth $98,785,630.

Royal Bank of Canada Stock Performance

Shares of RY stock opened at C$290.38 on Monday. The company has a market cap of C$403.53 billion, a P/E ratio of 18.88, a PEG ratio of 3.42 and a beta of 1.08. The stock has a 50 day simple moving average of C$266.16 and a two-hundred day simple moving average of C$243.56. Royal Bank of Canada has a fifty-two week low of C$175.50 and a fifty-two week high of C$296.91.

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 earnings per share (EPS) for the quarter. The firm had revenue of C$17.45 billion for the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%. On average, research analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 24th will be issued a $1.76 dividend. The ex-dividend date is Monday, July 27th. This is an increase from Royal Bank of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 annualized dividend and a yield of 2.4%. Royal Bank of Canada’s dividend 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.