Royal Bank of Canada (TSE:RY) Receives an Average “Moderate Buy” Rating from Brokerages
Shares of Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) have earned an average rating of “moderate buy” from the thirteen analysts who cover the company, Marketbeat reports. One investment analyst gave the stock a sell rating and eight gave the company a buy rating. The 12-month average price target among analysts who have reported on the stock in the past year is C$143.71.
Several brokerages weighed in on RY. Keefe, Bruyette & Woods downgraded Royal Bank of Canada shares from a “market performance” rating to an “underperformance” rating and lowered their target price for the stock from C$132.00 at CA$118.00 in a Monday, August 8, research note. Credit Suisse Group lowered its price target on Royal Bank of Canada to C$143.00 and gave the stock an “outperform” rating in a research report on Thursday. Argus raised its target price on Royal Bank of Canada to C$157.00 and gave the company a “buy” rating in a Tuesday, June 7 research report. TD Securities lowered its price target on Royal Bank of Canada from C$150.00 to C$145.00 and set a “buy” rating for the company in a report released Friday, May 27. Finally, Fundamental Research reaffirmed a “buy” rating and set a target price of C$142.00 on Royal Bank of Canada shares in a Wednesday, June 8 report.
Royal Bank of Canada Price Performance
Royal Bank of Canada stock opened at C$124.97 on Monday. The company has a 50-day simple moving average of C$125.28 and a 200-day simple moving average of C$131.53. Royal Bank of Canada has a 1-year low of C$118.24 and a 1-year high of C$149.60. The stock has a market cap of C$173.92 billion and a price-earnings ratio of 10.92.
Royal Bank of Canada (TSE:RY – Get Rating) (NYSE:RY) last released its quarterly results on Thursday, May 26. The financial services provider reported earnings per share of C$2.99 for the quarter, beating the consensus estimate of C$2.67 by C$0.32. The company had revenue of C$11.22 billion in the quarter. Stock analysts expect Royal Bank of Canada to post earnings per share of 11.8000006 for the current fiscal year.
Royal Bank of Canada announces dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, November 24. Investors of record on Wednesday, October 26 will receive a dividend of $1.28 per share. The ex-dividend date is Tuesday, October 25. This represents a dividend of $5.12 on an annualized basis and a dividend yield of 4.10%. Royal Bank of Canada’s payout ratio is 41.61%.
Insider Trading at Royal Bank of Canada
Separately, senior officer Bruce Washington Ross sold 14,000 shares of Royal Bank of Canada in a trade on Thursday, June 30. The shares were sold at an average price of CA$123.81, for a total transaction of CA$1,733,404.40. Following the completion of the sale, the insider now directly owns 235 shares of the company, valued at approximately C$29,096.43. In other news, Director David Ian Mckay sold 4,077 shares of the company in a deal that took place on Tuesday June 21. The shares were sold at an average price of CA$126.38, for a total transaction of CA$515,251.26. Following the completion of the sale, the administrator now owns 5,873 shares of the company, valued at approximately C$742,229.74. Additionally, senior officer Bruce Washington Ross sold 14,000 shares of the company in a trade that took place on Thursday, June 30. The stock was sold at an average price of CA$123.81, for a total transaction of CA$1,733,404.40. As a result of the sale, the insider now owns 235 shares of the company, valued at approximately C$29,096.43. In the past three months, insiders have sold 26,638 shares of the company valued at $3,325,347.
Profile of Royal Bank of Canada
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Royal Bank of Canada is a globally diversified financial services company. The Company’s Personal and Commercial Banking segment offers checking and savings accounts, home equity financing, personal loans, private banking, indirect lending, including auto financing, mutual funds and self-directed brokerage accounts, guaranteed investment certificates, credit cards, payment products and solutions; and lending, leasing, deposit, investment, foreign exchange, cash management, auto dealer financing, commercial products and services to small and medium commercial enterprises.
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