Royal Bank of Canada (TSE:RY) Director Sells C$6,464,787.27 in Stock

Key Points

• Director David Ian Mckay sold 23,091 Royal Bank of Canada shares at an average C$279.97, totaling C$6.46 million and reducing his holdings by 79.72% to 5,873 shares.
• Mckay has made several additional large sales since June, including a C$38.24 million transaction, indicating substantial recent insider selling.
• Royal Bank of Canada raised its quarterly dividend to $1.76 per share, while analysts maintain a “Moderate Buy” consensus with an average price target of C$286.07.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY Director David Ian Mckay sold 23,091 shares of the stock in a transaction on 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 sale, the director owned 5,873 shares in the company, valued at approximately C$1,644,263.81. This trade represents a 79.72% decrease in their position.

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

• On Wednesday, July 22nd, David Ian Mckay sold 23,089 shares of Royal Bank of Canada stock. The shares were sold at an average price of C$297.19, for a total transaction of C$6,861,819.91.
• 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 transaction 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 transaction of C$38,236,267.30.

Royal Bank of Canada Trading Up 0.4%

Shares of TSE RY traded up C$1.05 during midday trading on Wednesday, reaching C$287.68. 613,303 shares of the stock were exchanged, compared to its average volume of 3,521,313. The company has a market capitalization of C$399.78 billion, a P/E ratio of 18.70, a P/E/G ratio of 3.42 and a beta of 1.05. Royal Bank of Canada has a 52-week low of C$195.86 and a 52-week high of C$306.38. The stock has a 50 day moving average price of C$293.42 and a 200-day moving average price of C$259.79.

Royal Bank of Canada (TSE:RY - Get Free Report) NYSE: RY last announced its quarterly earnings data 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 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. On average, analysts forecast that Royal Bank of Canada will post 12.3454675 earnings per share for the current year.

Royal Bank of Canada Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 24th. Shareholders of record on Monday, August 24th were paid a dividend of $1.76 per share. The ex-dividend date of this dividend was Monday, July 27th. This represents a $7.04 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Royal Bank of Canada's previous quarterly dividend of $1.64. Royal Bank of Canada's dividend payout ratio is currently 41.35%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Keefe, Bruyette & Woods set a C$316.00 price objective on Royal Bank of Canada and gave the company a "hold" rating in a research report on Friday, August 21st. Barclays increased their target price on Royal Bank of Canada from C$260.00 to C$300.00 in a research report on Friday, August 21st. Desjardins lifted their price target on Royal Bank of Canada from C$275.00 to C$320.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Canadian Imperial Bank of Commerce lifted their price target on Royal Bank of Canada from C$279.00 to C$311.00 and gave the company a "neutral" rating in a report on Wednesday, August 19th. Finally, TD upped their price objective on shares of Royal Bank of Canada from C$272.00 to C$307.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of C$286.07.

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.

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