Royal Bank of Canada (RY) Plans Dividend Increase – $0.98 Per Share

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Royal Bank of Canada (TSE:RY) (NYSE:RY) declared a quarterly dividend on Wednesday, August 22nd, RTT News reports. Investors of record on Thursday, October 25th will be given a dividend of 0.98 per share by the financial services provider on Friday, November 23rd. This represents a $3.92 annualized dividend and a yield of 4.09%. The ex-dividend date is Wednesday, October 24th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $0.94.

RY stock traded down C$0.64 during trading on Friday, reaching C$95.95. The company’s stock had a trading volume of 2,189,500 shares, compared to its average volume of 2,193,425. Royal Bank of Canada has a 1 year low of C$93.13 and a 1 year high of C$108.52.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last posted its quarterly earnings data on Wednesday, August 22nd. The financial services provider reported C$2.14 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of C$2.11 by C$0.03. The company had revenue of C$11.03 billion for the quarter, compared to analyst estimates of C$10.75 billion. Analysts expect that Royal Bank of Canada will post 9.0100006436381 EPS for the current year.

In related news, insider Alex Douglas Mcgregor sold 20,000 shares of Royal Bank of Canada stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of C$104.04, for a total value of C$2,080,800.00. Also, insider Helena Gottschling sold 1,079 shares of Royal Bank of Canada stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of C$103.48, for a total transaction of C$111,654.92. Over the last ninety days, insiders have acquired 900 shares of company stock worth $69,849 and have sold 64,083 shares worth $6,589,793.

RY has been the topic of a number of recent analyst reports. National Bank Financial increased their price objective on shares of Royal Bank of Canada from C$109.00 to C$111.00 and gave the company an “outperform” rating in a research report on Thursday, August 23rd. CIBC raised their target price on shares of Royal Bank of Canada from C$109.00 to C$110.00 in a research note on Thursday, August 23rd. BMO Capital Markets raised their target price on shares of Royal Bank of Canada from C$106.00 to C$110.00 and gave the stock a “market perform” rating in a research note on Thursday, August 23rd. Finally, Eight Capital raised their price objective on shares of Royal Bank of Canada from C$119.00 to C$122.00 in a research note on Thursday, August 23rd. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Royal Bank of Canada presently has an average rating of “Buy” and a consensus price target of C$111.80.

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About Royal Bank of Canada

Royal Bank of Canada, together with its subsidiaries, operates as a diversified financial service company worldwide. The company's Personal & Commercial Banking segment offers personal and business banking services, as well as auto financing and retail investment products. This segment also provides a suite of financial products and services to individual, business clients, and public institutions through its branch, automated teller machines, online, mobile, and telephone banking networks, as well as through sales professionals.

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Dividend History for Royal Bank of Canada (TSE:RY)

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