Royal Bank of Canada (TSE:RY) Price Target Raised to C$307.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its target price upped by TD from C$272.00 to C$307.00 in a report published on Wednesday,BayStreet.CA reports. They currently have a buy rating on the financial services provider’s stock.

A number of other equities research analysts have also issued reports on the company. Desjardins raised their price target on Royal Bank of Canada from C$275.00 to C$320.00 and gave the stock a “buy” rating in a research note on Wednesday, August 5th. Canaccord Genuity Group upped their price objective 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. Barclays increased their target price 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. Jefferies Financial Group increased their target price on Royal Bank of Canada from C$226.00 to C$232.00 in a research note on Wednesday, May 20th. Finally, Raymond James Financial boosted their target price on shares of 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 equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Royal Bank of Canada has a consensus rating of “Moderate Buy” and an average price target of C$278.23.

Royal Bank of Canada Price Performance

Royal Bank of Canada stock opened at C$300.70 on Wednesday. Royal Bank of Canada has a 1-year low of C$187.79 and a 1-year high of C$306.38. The firm has a market capitalization of C$417.87 billion, a P/E ratio of 19.55, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05. The company’s 50-day moving average is C$291.88 and its 200 day moving average is C$256.69.

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

Royal Bank of Canada Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 24th. Investors of record on Monday, August 24th will be issued a $1.76 dividend. The ex-dividend date is Monday, July 27th. This is a positive change from Royal Bank of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 dividend on an annualized basis and a dividend yield of 2.3%. Royal Bank of Canada’s dividend payout ratio (DPR) is presently 41.35%.

Insider Buying and Selling

In other Royal Bank of Canada news, Director David Ian Mckay sold 133,130 shares of the firm’s stock in a transaction on 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 transaction, the director directly owned 5,873 shares in the company, valued at C$1,686,784.33. This trade represents a 95.77% decrease in their position. Also, insider Neil Mclaughlin sold 4,000 shares of Royal Bank of Canada stock in a transaction on Wednesday, June 24th. The shares were sold at an average price of C$287.72, for a total value of C$1,150,880.00. Insiders have sold a total of 353,206 shares of company stock valued at $100,237,874 over the last quarter.

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.