Royal Bank of Canada (TSE:RY) Sets New 1-Year High – Time to Buy?

Royal Bank of Canada (TSE:RY) (NYSE:RY)’s share price hit a new 52-week high on Tuesday . The company traded as high as C$296.98 and last traded at C$296.51, with a volume of 808292 shares traded. The stock had previously closed at C$295.29.

Analysts Set New Price Targets

RY has been the subject of several recent analyst reports. National Bank Financial lifted their price target on Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a research note on Friday, May 15th. Jefferies Financial Group increased their price target on Royal Bank of Canada from C$226.00 to C$232.00 in a research report on Wednesday, May 20th. Desjardins raised their price objective on Royal Bank of Canada from C$262.00 to C$275.00 and gave the company a “buy” rating in a report on Friday, May 29th. Canadian Imperial Bank of Commerce boosted their price objective on Royal Bank of Canada from C$258.00 to C$279.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Finally, Barclays upped their target price on Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of C$260.81.

Royal Bank of Canada Trading Up 0.7%

The firm’s 50-day moving average is C$266.16 and its two-hundred day moving average is C$243.56. The stock has a market cap of C$413.13 billion, a price-to-earnings ratio of 19.33, a P/E/G ratio of 3.42 and a beta of 1.05.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its earnings results on Thursday, May 28th. The financial services provider reported C$3.90 EPS for the quarter. The business had revenue of C$17.45 billion during the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%. On average, 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 firm also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Stockholders of record on Monday, August 24th will be issued a dividend of $1.76 per share. The ex-dividend date of this dividend is Monday, July 27th. This is a positive change 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 2.4%. Royal Bank of Canada’s payout ratio is currently 41.35%.

Insider Transactions at Royal Bank of Canada

In other Royal Bank of Canada news, insider Bruce Washington Ross sold 45,670 shares of the stock in a transaction dated 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 completion of the sale, the insider owned 235 shares in the company, valued at approximately C$68,880.85. This represents a 99.49% decrease in their position. Also, 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 value of C$1,150,880.00. Over the last three months, insiders have sold 353,645 shares of company stock valued at $98,785,630.

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.