Royal Bank of Canada (TSE:RY) Director David Ian Mckay Sells 23,089 Shares of Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) Director David Ian Mckay sold 23,089 shares of the firm’s stock in a transaction dated Wednesday, July 22nd. The shares were sold at an average price of C$297.19, for a total transaction of C$6,861,819.91. Following the completion of the transaction, the director directly owned 5,873 shares in the company, valued at C$1,745,396.87. This trade represents a 79.72% decrease in their position.

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

• 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 stock was sold at an average price of C$287.21, for a total value of C$38,236,267.30.
• On Friday, May 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$261.83, for a total transaction of C$6,045,392.87.

Royal Bank of Canada Price Performance

Shares of RY opened at C$295.01 on Friday. The company has a market cap of C$409.96 billion, a PE ratio of 19.18, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05. Royal Bank of Canada has a one year low of C$175.50 and a one year high of C$306.38. The firm has a 50-day moving average of C$281.85 and a 200-day moving average of C$250.30.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released 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 net margin of 18.40% and a return on equity of 15.95%. The business had revenue of C$17.45 billion for the quarter. Analysts expect that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

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

Key Royal Bank of Canada News

Here are the key news stories impacting Royal Bank of Canada this week:

• Positive Sentiment: Royal Bank of Canada received a consensus analyst recommendation of “Moderate Buy”, which suggests Wall Street views remain favorable and may be supporting the stock. Royal Bank of Canada (TSE:RY) Receives Consensus Recommendation of “Moderate Buy” from Analysts
• Positive Sentiment: The share price crossed above its 200-day moving average, a bullish technical signal that can attract momentum buyers and indicate improving investor confidence. Royal Bank of Canada (TSE:RY) Share Price Crosses Above 200 Day Moving Average – What’s Next?
• Negative Sentiment: Multiple insiders sold shares, including a large sale by Director David Ian McKay and additional sales by Katherine Gibson, Graeme Ashley Hepworth, and Bruce Washington Ross. Insider selling can weigh on sentiment because investors may view it as a sign of caution, even if it is often routine diversification.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RY. Desjardins upped their target price on Royal Bank of Canada from C$262.00 to C$275.00 and gave the company a “buy” rating in a research report on Friday, May 29th. Jefferies Financial Group boosted their price target on Royal Bank of Canada from C$226.00 to C$232.00 in a research note on Wednesday, May 20th. Canadian Imperial Bank of Commerce upped their price objective on shares of Royal Bank of Canada from C$258.00 to C$279.00 and gave the stock a “neutral” rating in a research report on Friday, May 29th. Canaccord Genuity Group increased their price objective on shares of Royal Bank of Canada from C$282.00 to C$310.00 and gave the stock a “buy” rating in a research note on Tuesday, July 7th. Finally, National Bank Financial raised their target price on shares of Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an “outperform” rating in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$262.96.

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.