Insider Selling: Royal Bank of Canada (TSE:RY) Director Sells C$6,577,132.54 in Stock

Royal Bank of Canada (TSE:RY) (NYSE:RY) Director David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock in a transaction on Monday, June 22nd. The shares were sold at an average price of C$284.86, for a total transaction of C$6,577,132.54. Following the completion of the transaction, the director owned 5,873 shares in the company, valued at approximately C$1,672,982.78. This trade represents a 79.72% decrease in their position.

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

• 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 value of C$6,045,392.87.
• On Wednesday, April 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$242.82, for a total value of C$5,606,470.98.

Royal Bank of Canada Trading Down 0.4%

Shares of Royal Bank of Canada stock opened at C$288.01 on Friday. Royal Bank of Canada has a twelve month low of C$175.50 and a twelve month high of C$290.70. The stock has a market capitalization of C$400.24 billion, a P/E ratio of 18.73, a PEG ratio of 3.42 and a beta of 1.08. The business’s fifty day moving average price is C$261.28 and its 200 day moving average price is C$241.22.

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 during the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%. As a group, sell-side analysts predict that Royal Bank of Canada will post 12.3454675 EPS 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 paid a $1.64 dividend. This represents a $6.56 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Thursday, April 23rd. Royal Bank of Canada’s payout ratio is currently 41.35%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RY shares. Scotiabank increased their target price 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. Barclays lifted their price target on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Desjardins boosted their price objective on shares of Royal Bank of Canada from C$262.00 to C$275.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. TD Securities dropped their price objective on shares of Royal Bank of Canada from C$260.00 to C$259.00 and set a “buy” rating for the company in a research report on Friday, February 27th. Finally, Canadian Imperial Bank of Commerce increased 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. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of C$260.81.

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.