David Ian Mckay Sells 23,089 Shares of Royal Bank of Canada (TSE:RY) Stock

Key Points

• Royal Bank of Canada director David Ian Mckay sold 23,089 shares on July 22 at an average price of C$297.19, totaling about C$6.86 million. After the transaction, he held 5,873 shares, a 79.72% drop in ownership.
• The sale follows several recent insider transactions by Mckay, including additional share sales in May and June, one of which involved 133,130 shares for more than C$38 million.
• Royal Bank of Canada recently increased its quarterly dividend to $1.76 per share from $1.64, implying an annualized dividend of $7.04 and a yield of about 2.4%. Analysts remain mostly positive, with a consensus rating of Moderate Buy.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY Director David Ian Mckay sold 23,089 shares of the company's stock in a transaction dated Wednesday, July 22nd. The shares were sold at an average price of C$297.19, for a total transaction of C$6,861,819.91. Following the sale, the director owned 5,873 shares in the company, valued at C$1,745,396.87. This represents a 79.72% decrease in their ownership of the stock.

David Ian Mckay also recently made the following trade(s):

• On Monday, June 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$284.86, for a total value of C$6,577,132.54.
• On Tuesday, June 23rd, David Ian Mckay sold 133,130 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$287.21, for a total value of C$38,236,267.30.
• On Friday, May 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The stock was sold at an average price of C$261.83, for a total value of C$6,045,392.87.

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Royal Bank of Canada Stock Performance

TSE RY traded up C$0.68 on Friday, hitting C$294.35. 1,124,933 shares of the stock were exchanged, compared to its average volume of 3,589,400. Royal Bank of Canada has a 52-week low of C$175.50 and a 52-week high of C$306.38. The firm has a market capitalization of C$409.05 billion, a P/E ratio of 19.14, a P/E/G ratio of 3.42 and a beta of 1.05. The stock has a fifty day moving average price of C$281.00 and a two-hundred day moving average price of C$249.98.

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

Royal Bank of Canada Increases Dividend

The firm also recently announced 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. 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 yield of 2.4%. Royal Bank of Canada's payout ratio is 41.35%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on RY shares. Canadian Imperial Bank of Commerce upped their target price on Royal Bank of Canada from C$258.00 to C$279.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. National Bank Financial lifted their target price on Royal Bank of Canada from C$257.00 to C$271.00 and gave the company an "outperform" rating in a research note on Friday, May 15th. Desjardins boosted their target price on shares of Royal Bank of Canada from C$262.00 to C$275.00 and gave the stock a "buy" rating in a report on Friday, May 29th. Canaccord Genuity Group increased their price target on shares of 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. Finally, TD raised their price target on shares of Royal Bank of Canada from C$267.00 to C$272.00 and gave the company a "buy" rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Royal Bank of Canada has a consensus rating of "Moderate Buy" and a consensus price target of C$262.96.

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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