Royal Bank of Canada (TSE:RY) Stock Now Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Royal Bank of Canada has a “Moderate Buy” consensus among 12 brokerages, with eight buy ratings and four holds. The average 12-month price target is C$292.86.
• Insiders sold 75,908 shares worth approximately $21.2 million over the last quarter, including substantial sales by an insider and a director.
• The bank announced a quarterly dividend of C$1.76 per share, equivalent to C$7.04 annually and a 2.5% yield. Its latest quarter included C$4.28 in earnings per share and C$18.54 billion in revenue.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY has been assigned an average recommendation of "Moderate Buy" from the twelve brokerages that are covering the stock, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is C$292.86.

Several research firms have weighed in on RY. National Bank Financial raised their target price on Royal Bank of Canada from C$318.00 to C$321.00 and gave the company an "outperform" rating in a report on Sunday, August 30th. Canadian Imperial Bank of Commerce decreased their price target on Royal Bank of Canada from C$311.00 to C$300.00 and set a "neutral" rating for the company in a research note on Thursday, September 3rd. Desjardins set a C$320.00 price objective on Royal Bank of Canada and gave the company a "buy" rating in a report on Wednesday, September 2nd. Canaccord Genuity Group raised their price objective on Royal Bank of Canada from C$310.00 to C$318.00 and gave the company a "buy" rating in a research note on Friday, August 28th. Finally, Jefferies Financial Group boosted their target price on Royal Bank of Canada from C$268.00 to C$271.00 in a report on Thursday, September 3rd.

Insider Activity

In other Royal Bank of Canada news, insider Maria Elena Douvas sold 9,604 shares of the company's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of C$275.20, for a total transaction of C$2,643,020.80. Also, Director David Ian Mckay sold 23,091 shares of the firm's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of C$279.97, for a total value of C$6,464,787.27. Following the completion of the sale, the director directly owned 5,873 shares in the company, valued at approximately C$1,644,263.81. This represents a 79.72% decrease in their ownership of the stock. Over the last quarter, insiders have sold 75,908 shares of company stock worth $21,177,587.

Royal Bank of Canada Stock Down 1.5%

Shares of RY opened at C$283.93 on Friday. The company's fifty day moving average is C$282.74 and its 200-day moving average is C$262.91. Royal Bank of Canada has a 12 month low of C$201.76 and a 12 month high of C$306.38. The firm has a market cap of C$393.08 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 3.42 and a beta of 0.97.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last released its quarterly earnings results on Thursday, August 27th. The financial services provider reported C$4.28 earnings per share for the quarter. The business had revenue of C$18.54 billion for the quarter. Royal Bank of Canada had a net margin of 15.92% and a return on equity of 16.11%. As a group, research analysts predict that Royal Bank of Canada will post 12.35 earnings per share for the current fiscal year.

Royal Bank of Canada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 24th. Investors of record on Tuesday, November 24th will be paid a C$1.76 dividend. The ex-dividend date is Monday, October 26th. This represents a $7.04 dividend on an annualized basis and a yield of 2.5%. Royal Bank of Canada's dividend payout ratio (DPR) is presently 41.49%.

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.

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