Royal Bank of Canada (TSE:RY) Price Target Raised to C$300.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price hoisted by Barclays from C$260.00 to C$300.00 in a research note published on Friday morning,BayStreet.CA reports.

A number of other brokerages have also weighed in on RY. 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. Desjardins lifted their price objective on shares of Royal Bank of Canada from C$275.00 to C$320.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Raymond James Financial boosted their target price on shares of Royal Bank of Canada from C$270.50 to C$306.00 and gave the company a “market perform” rating in a report on Wednesday, August 12th. Jefferies Financial Group raised their price target on Royal Bank of Canada from C$240.00 to C$268.00 in a report on Thursday, August 13th. Finally, Canaccord Genuity Group lifted their price target on Royal Bank of Canada from C$282.00 to C$310.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of C$286.07.

Royal Bank of Canada Price Performance

RY opened at C$282.37 on Friday. Royal Bank of Canada has a fifty-two week low of C$188.54 and a fifty-two week high of C$306.38. The firm has a market capitalization of C$392.40 billion, a PE ratio of 18.36, a P/E/G ratio of 3.42 and a beta of 1.05. The company’s 50-day moving average is C$293.23 and its 200 day moving average is C$259.06.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released its earnings results on Thursday, May 28th. The financial services provider reported C$3.90 EPS for the quarter. The company had revenue of C$17.45 billion for the quarter. Royal Bank of Canada had a return on equity of 15.95% and a net margin of 18.40%. As a group, analysts expect that Royal Bank of Canada will post 12.3454675 EPS for the current year.

Royal Bank of Canada Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 24th will be paid a dividend of $1.76 per share. The ex-dividend date is Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a yield of 2.5%. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.64. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 41.35%.

Insider Activity

In other news, insider Neil Mclaughlin sold 4,000 shares of the firm’s stock in a transaction 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. Also, insider Bruce Washington Ross sold 45,670 shares of the firm’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of C$293.11, for a total value of C$13,386,333.70. Following the completion of the transaction, the insider owned 235 shares in the company, valued at approximately C$68,880.85. This trade represents a 99.49% decrease in their ownership of the stock. Insiders have sold 324,096 shares of company stock valued at $92,616,003 in the last ninety days.

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.