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

Royal Bank of Canada (TSE:RY) (NYSE:RY) has been given an average rating of “Moderate Buy” by the twelve analysts that are covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is C$262.96.

RY has been the subject of a number of analyst reports. Canadian Imperial Bank of Commerce raised their price objective on shares of Royal Bank of Canada from C$258.00 to C$279.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Desjardins upped their target price 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. Canaccord Genuity Group increased their price target on shares of Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Jefferies Financial Group raised their price target on shares of Royal Bank of Canada from C$226.00 to C$232.00 in a research report on Wednesday, May 20th. Finally, Raymond James Financial boosted their price objective on shares of Royal Bank of Canada from C$265.50 to C$270.50 and gave the stock a “market perform” rating in a report on Friday, May 29th.

Insiders Place Their Bets

In related news, insider Neil Mclaughlin sold 3,500 shares of Royal Bank of Canada stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of C$287.70, for a total value of C$1,006,950.00. Also, insider Katherine Gibson sold 462 shares of the company’s stock in a transaction on Wednesday, July 22nd. The shares were sold at an average price of C$297.19, for a total value of C$137,301.78. Following the sale, the insider owned 290 shares of the company’s stock, valued at approximately C$86,185.10. This trade represents a 61.44% decrease in their position. Insiders have sold a total of 353,206 shares of company stock worth $100,237,874 in the last 90 days.

Royal Bank of Canada Stock Up 1.1%

Shares of RY opened at C$299.40 on Friday. The business’s 50 day moving average price is C$283.66 and its 200-day moving average price is C$251.26. Royal Bank of Canada has a 52 week low of C$175.50 and a 52 week high of C$306.38. The stock has a market cap of C$416.06 billion, a P/E ratio of 19.47, 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 quarterly earnings data on Thursday, May 28th. The financial services provider reported C$3.90 earnings per share (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, equities analysts anticipate that Royal Bank of Canada will post 12.3454675 EPS 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. Stockholders of record on Monday, August 24th will be issued a dividend of $1.76 per share. This represents a $7.04 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Monday, July 27th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.64. Royal Bank of Canada’s payout ratio is 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.