Royal Bank of Canada (TSE:RY) Price Target Raised to C$318.00

Royal Bank of Canada (TSE:RY) (NYSE:RY) had its price target hoisted by National Bank Financial from C$271.00 to C$318.00 in a report published on Thursday,BayStreet.CA reports. They currently have an outperform rating on the financial services provider’s stock.

RY has been the topic of a number of other reports. Canaccord Genuity Group raised 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 note on Tuesday, July 7th. TD upped their price objective on Royal Bank of Canada from C$272.00 to C$307.00 and gave the stock a “buy” rating in a research report on Wednesday. Canadian Imperial Bank of Commerce increased their price objective on 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. Barclays raised 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 report on Friday, May 29th. Finally, Jefferies Financial Group boosted their target price on Royal Bank of Canada from C$240.00 to C$268.00 in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of C$278.23.

Royal Bank of Canada Trading Up 0.4%

Shares of RY opened at C$300.70 on Thursday. Royal Bank of Canada has a twelve month low of C$187.79 and a twelve month high of C$306.38. The firm’s fifty day simple moving average is C$291.88 and its 200-day simple moving average is C$256.69. The firm has a market capitalization of C$417.87 billion, a price-to-earnings ratio of 19.55, a PEG ratio of 3.42 and a beta of 1.05.

Royal Bank of Canada (TSE:RY) (NYSE:RY) last released 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 net margin of 18.40% and a return on equity of 15.95%. On average, analysts predict that Royal Bank of Canada will post 12.3454675 earnings per share for the current fiscal year.

Royal Bank of Canada Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 24th. Shareholders of record on Monday, August 24th will be paid a $1.76 dividend. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $1.64. This represents a $7.04 annualized dividend and a yield of 2.3%. The ex-dividend date is Monday, July 27th. Royal Bank of Canada’s payout ratio is currently 41.35%.

Insider Buying and Selling at Royal Bank of Canada

In other Royal Bank of Canada news, insider Bruce Washington Ross sold 45,670 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of C$293.11, for a total transaction of C$13,386,333.70. Following the transaction, the insider owned 235 shares of the company’s stock, valued at approximately C$68,880.85. This trade represents a 99.49% decrease in their ownership of the stock. Also, Director David Ian Mckay sold 133,130 shares of Royal Bank of Canada stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of C$287.21, for a total value of C$38,236,267.30. Following the sale, the director owned 5,873 shares in the company, valued at C$1,686,784.33. This trade represents a 95.77% decrease in their position. Insiders sold 353,206 shares of company stock worth $100,237,874 over the last 90 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.