Analysts Set Royal Bank of Canada (TSE:RY) Target Price at C$262.96

Shares of Royal Bank of Canada (TSE:RY) (NYSE:RY) have been assigned a consensus rating of “Moderate Buy” from the twelve analysts that are covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is C$262.96.

Several research analysts have issued reports on the stock. Barclays increased their target price on shares of Royal Bank of Canada from C$245.00 to C$260.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Desjardins upped their price target 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 report on Friday, May 29th. Canaccord Genuity Group upped their price target on shares of Royal Bank of Canada from C$282.00 to C$310.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Scotiabank increased their price objective on shares of Royal Bank of Canada from C$275.00 to C$280.00 and gave the company a “sector outperform” rating in a research note on Tuesday, June 16th. Finally, Canadian Imperial Bank of Commerce lifted 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 report on Friday, May 29th.

Insider Transactions at Royal Bank of Canada

In related news, Director David Ian Mckay sold 133,130 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of C$287.21, for a total transaction of C$38,236,267.30. Following the sale, the director owned 5,873 shares of the company’s stock, valued at C$1,686,784.33. This trade represents a 95.77% decrease in their ownership of the stock. Also, insider Bruce Washington Ross sold 45,670 shares of Royal Bank of Canada stock in a transaction dated Tuesday, June 30th. The shares were 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 C$68,880.85. This trade represents a 99.49% decrease in their position. In the last three months, insiders sold 353,206 shares of company stock valued at $100,237,874.

Royal Bank of Canada Trading Up 1.4%

RY opened at C$294.37 on Friday. Royal Bank of Canada has a 12-month low of C$175.50 and a 12-month high of C$306.38. The business’s fifty day simple moving average is C$285.00 and its 200-day simple moving average is C$252.07. The company has a market capitalization of C$409.07 billion, a price-to-earnings ratio of 19.14, a PEG ratio of 3.42 and a beta of 1.05.

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 EPS for the quarter. The firm 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%. On average, equities research analysts predict 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 given a dividend of $1.76 per share. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.64. The ex-dividend date of this dividend is Monday, July 27th. This represents a $7.04 annualized dividend and a yield of 2.4%. Royal Bank of Canada’s payout ratio is 41.35%.

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.