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

Royal Bank of Canada (TSE:RY) (NYSE:RY) Director David Ian Mckay sold 23,089 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of C$284.86, for a total value of C$6,577,132.54. Following the completion of the sale, the director owned 5,873 shares of the company’s stock, valued at C$1,672,982.78. This 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 shares were 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 Price Performance

Shares of Royal Bank of Canada stock traded down C$0.52 during trading on Wednesday, hitting C$287.89. 1,863,272 shares of the company were exchanged, compared to its average volume of 3,602,954. The firm has a market capitalization of C$400.07 billion, a P/E ratio of 18.72, a price-to-earnings-growth ratio of 3.42 and a beta of 1.08. The firm’s fifty day moving average price is C$258.41 and its 200 day moving average price is C$239.99. Royal Bank of Canada has a 1-year low of C$175.03 and a 1-year high of C$289.82.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last announced its quarterly earnings results on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share 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. As a group, equities research analysts anticipate that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 22nd. Shareholders of record on Friday, May 22nd were paid a $1.64 dividend. This represents a $6.56 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Thursday, April 23rd. Royal Bank of Canada’s dividend payout ratio is presently 41.35%.

Wall Street Analysts Forecast Growth

RY has been the topic of a number of recent analyst reports. Canaccord Genuity Group lifted their price target on shares of Royal Bank of Canada from C$280.00 to C$282.00 and gave the stock a “buy” rating in a research report on Friday, June 5th. Jefferies Financial Group upped their price objective on shares of Royal Bank of Canada from C$226.00 to C$232.00 in a research report on Wednesday, May 20th. Barclays raised their price objective 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. National Bank Financial lifted their target price on Royal Bank of Canada from C$257.00 to C$271.00 and gave the stock an “outperform” rating in a report on Friday, May 15th. Finally, Raymond James Financial boosted their target price on Royal Bank of Canada from C$265.50 to C$270.50 and gave the company a “market perform” rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of C$260.81.

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.